Țiriac was born in Transylvania, which is probably the reason why he has the nickname ‘Count Dracula’. He first appeared on the international sports scene as a child ping pong champion, then subsequently as an ice hockey player on the Romanian national team at the 1964 Winter Olympics. Shortly after that he switched to tennis as his main sport. With fellow Romanian Ilie Năstase he won the men’s doubles in the 1970 French Open and reached the Davis Cup finals several times in the 1970s.

After his retirement as a professional tennis player, Țiriac became a businessman in (then West) Germany. In 1987, he appeared in a TV commercial for Miller Lite beer with Bob Uecker, who extols Țiriac’s supposed humorous qualities, laughing hysterically while Țiriac sits stone-faced.

Following the collapse of communism in Romania, he started numerous businesses and investments back home. In 1990, he founded Banca Țiriac, the first private bank in post-Communist Romania. Between that and several other enterprises (retail, insurance, auto leasing, auto dealerships, airlines, etc.), his fortune was estimated at over US$900 million in 2005.

In 2006, Tiriac was selected as one of the 100 Greatest Romanians, ranking #77.

Ion Țiriac became the first Romanian to enter Forbes’ List of billionaires in the 2007 Forbes rankings, ranking 840th in the world. His wealth was estimated at $1.0 billion as of 2010, according to the magazine. In 2010, TOP 300 Capital declared Ion Țiriac the richest man in Romania with a wealth estimated at €1.5–€1.6 billion ($2–$2.2 billion).

In 2012 he was nominated for the International Tennis Hall of Fame in the contributor category.

On 13 July 2013 he joined the International Tennis Hall of Fame as a successful promoter and tournament director for numerous events including the two of the largest Masters 1000 events, the Italian Open and the Madrid Masters.

Țiriac is an avid car collector. The Tiriac Collection represents the exhibition of cars and motorcycles under his ownership. Reopened to the public in May 2015, the collection includes historical vehicles manufactured since 1899 and also modern exotics with about 350 cars and 165 cars at full time display on a rotation basis. Visitors will find the only collection in the world with 2 Rolls-Royce Phantoms IV, as well as exhibits that previously belonged to great names such as Sir Elton John, Sammy Davis Jr. or Bernie Ecclestone.

In 2018, Ion Tiriac ranked #1867 on the Forbes World’s Billionaires list, with wealth listed at US$1.2 billion.