Arison was born on September 9, 1957 in New York, New York, United States. She is the daughter of the businessman Ted Arison and Mina Arison Sapir. She has an older brother, Micky. In 1966 her parents divorced, and she moved to reside with her mother in Israel. At the age of twelve, she returned to the United States to live with her father, and five years later she returned to Israel in order to enlist in the Israeli Defense Forces.