Born in Budapest on April 3, 1941, Mihály Kupa faced a challenging start to his life. In 1958, he was sentenced to 10 months in prison on charges of conspiracy. After his release, he worked at the Chinoin Pharmaceutical Factory from 1959 to 1969, where he eventually became the head of the Experimental Microbiology Laboratory in 1965. During this time, he pursued his education, completing high school through correspondence courses and earning a degree in theoretical economics from the University of Economics in evening classes. He received his doctorate in 1975.
From 1969 to 1975, Kupa worked at the Central Statistical Office (KSH), focusing on infrastructure and financial statistics. In 1975, he joined the Institute of Financial Research, and by 1984, he was working at the Ministry of Finance, where he specialized in financial policy, tax policy, and later, the reform of public finance.
In 1990, he became the head of the Budapest office of DRT Hungary, one of the world’s largest financial advisory firms, and served as an advisor to the then Minister of Finance, Ferenc Rabár.
Kupa succeeded Rabár as Minister of Finance, serving from December 20, 1990, to February 11, 1993. During his tenure, he chaired the government’s economic cabinet.
He also served as vice-chairman of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), as well as president of the General Assembly of the International Monetary Fund (IMF) and the World Bank.
In 1991, Kupa ran in a by-election in the 11th individual constituency of Borsod-Abaúj-Zemplén County with the support of the Hungarian Democratic Forum (MDF). After his election, he joined the MDF parliamentary faction. In 1993, he left the MDF faction and served as an independent MP until the end of the parliamentary term. He ran as an independent candidate in the 1994 parliamentary elections but did not secure a seat. However, in the 1998 parliamentary elections, he successfully ran as an independent candidate in Szerencs and served as a member of parliament until 2002.
From 2001 to 2007, Kupa was the president of the Centrum Party, which he founded.
In addition to his political career, Kupa was an associate professor at the Budapest University of Economics from 1993. He authored several works, including the book Income Distribution, Budget, Economic Processes in 1980, and edited Personal Income Tax in Hungary in 1987.
Kupa received several awards throughout his life, including the 1956 Commemorative Medal in 1991, the Heller Farkas Award in 2003, and the Republic at Twenty Award in 2009.
In 2018, he became a member of the board of trustees of the Hungarian Foundation for Multiple Sclerosis Patients.
