Born to an Austrian parents Karl was raised in his birthplace along with his siblings and friends. He attended the University of Klagenfurt, where he studied business administration. After completing his education, he joined the far right nationalist Austrian Freedom Party where he became the second deputy governor of Carinthia in 1994. But after his dispute with his party leader, he left politics to work for Magna Europe as a vice president for human resources and public relations.
Later, Grasser returned to politics when a union was formed between the Austrian People's Party and the Freedom Party. During that time, he was the youngest minister of finance office in Austria. When the union broke between these two party Karl left the party. Later, after the reformation of the party, he was made the minister.
At the time of his ministry, Karl was alleged by Austrian media for corruption of money which decreased his fame in public. Later, Karl announced to leave the politics to continue his private sector with Investment Banking.
Karl is the holder of Austrian nationality and belongs to white ethnicity. He married his long-term girlfriend Fiona Swarovski after dating her for a while. His wife is a businesswoman and a fashion designer. The couple also has a child together, a baby girl. He lives a happily married life with his spouse and children and there are no rumors of their divorce. He has been in no other affair or relationships apart from his current relationship.
Being a politician, Grasser has served as finance minister for several years from which he must have collected a decent amount of salary. Most of his income comes from his businesses. According to some source, his current net worth is estimated to be more than $1.6 million.