Born in Lund, Sweden, Rausing is the granddaughter of Ruben Rausing (1895–1983) who was the founder of the liquid food packaging company Tetra Pak. Her Father bought out the 50% share in the company from his brother Hans Rausing in 1995, leaving her side of the family as sole remaining owner of Tetra Pak. She is the granddaughter of Swedish landscape Painter Henry Mayne (1891–1975).
With her brothers Jörn Rausing and Finn Rausing, she sits on the board of holding company Tetra Laval. In the Sunday Times Rich List 2011 ranking of the wealthiest people in the UK she was placed 16th (jointly with her brother Jörn) with an estimated fortune of £3,900 million. In the Sunday Times Rich List 2012, she was ranked as the 4th richest woman in the UK.