Jaime Zobel de Ayala was born in Manila in 1934. His grandfather was a successful businessman, having founded initially a distillery, before diversifying into banking, telecommunications, real estate, hotels and education as part of the Ayala Group.

Jaime went to Harvard University, graduating with a Bachelor of Arts in architectural sciences in 1957. The following year, his father invited him to join the family business, working as an executive assistant, and learning the ropes under the guidance of his cousin and uncle. In 1975 he was promoted to president of the company that was to become BPI-Philam Life Assurance Corporation (formerly Filipinas Life Assurance Company). Nine years later in 1984 he took over as the chairman and president of the whole Ayala Group from his cousin Enrique.

During his tenure at the head of the corporation, it diversified further. The real estate arm separated under the name Ayala Land, Inc. and Ayala Automotive Holdings Corporation started up. In 1994 Jaime Zobel de Ayala was replaced as president by Jaime Augusto his son. In 2006 he retired as chairman. All seven of his children have a stake in the business, controlling more than a third of it.