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Krupp was born in 1933 in Elbing, East Prussia. He studied at the Technische Hochschule Darmstadt (now, Darmstadt University of Technology) from 1952 to 1957, and received his doctorate (Dr. rer. pol.) in 1961.[2] From 1969 to 1975 Krupp was professor for economics and social politics at the University of Frankfurt, from 1987 to 1993 also at Technische Universität Berlin. From 1973 to 1975 he was vice-president, and until 1979 president of the University of Frankfurt. In 1979 Krupp became president of the German Institute for Economic Research.[3]
In 1988 Krupp became state minister of Finance, and in 1991 state minister for Economic Affairs and second mayor of Hamburg.[3] In 2001 he retired.
