Hippe was born in Oslo[1] and raised up in Tonsenhagen.[3] He studied at the University of Oslo and Bergen, he earned the cand.polit. degree in political science and economics[1][4] as well as a Ph.D. on the relationship between public and private welfare arrangements.[1] In the 1979 local elections, he was listed on the Socialist Left municipal candidate list for Oslo.[5] Four years later, he gathered members of the Socialist Left to present them a report entitled, Norway de luxe — a report on income, wealth and consumption among the richest in Norway. He wrote this report with fellow Socialist Left member, Kåre Hagen.[6] The following year, he wrote another report with Hagen, entitled; Oslo to rich and poor. In the report they asserted that the only way to reduce the gap between rich and poor in Norway was with higher taxes.[7]
Later in 1985, he landed a job in the Fafo Foundation.[8] He left this position in Fafo in 1995, and instead got a job as director of public affairs at UNI Storebrand.[9] He left that position in 2001 for a job in Telenor as Executive Vice President.[10] Later, he earned the position of Director of Communication in Telenor before quitting and becoming leader of the Fafo Foundation in 2004.[1] In mid-2009, Hippe was hand-picked by finance ministerKristin Halvorsen to become the leader of the Financial Crisis Committee.[11] He was elected the leader of A-pressen in 2010 by members of the committee.[12]