Born to a wealthy land and plantation owning family from Yatiyana, Matara. He was Educated at St.Thomas' College, Mount Lavinia and Trinity College, Kandy.The family fortune was founded by his grandfather, Yatiyana Ralahamay. Donald Ranaweera's father, Don Andreas Ranaweera expanded the land and wealth he inherited from his father, Yatiyana Ralahamy. He also bought the Panilkanda Estate in Deniyaya and later acquired Fetteresso and Attabagie Group in Dickoya and Gampola. Yatiyana 'Sisiragiri' Walawua was also built by his father Don Andreas Ranaweera and it was the family seat where he served as the Chairman of the local village council.[2] Taking over the family businesses, Donald J Ranaweera became a wealthy financier owning several plantations and served as the Chairman of the Times of Ceylon with H. W. Amarasuriya serving as Deputy Chairmen.[3][4] D. J. Ranaweera along with H. W. Amarasuriya were the two wealthiest landed proprietors of post-independent Ceylon.