Luksić was born in Antofagasta, to a Bolivian mother, Elena Abaroa, and a Croatian immigrant father, Policarpo, who had arrived in Chile from the Adriatic island of Brac in 1910 and made a living in the nitrate industry.

His sons, also businessmen, are Andrónico, Guillermo and Jean Paul Luksić Craig.

His company, the Luksić Group has interests in mining, logging, and the retail industry. Major holdings include, or have included, Banco de Chile, Compañia de Cervecerias Unidas (CCU) and Antofagasta plc, a UK-listed copper mining company.