Conservative billionaire Sebastian Pinera has won Chile's presidential run-off, moving the country to the right with his business friendly promises.
In the end he won by a wider margin than expected taking more than 54 percent of the vote over his rival on 45 percent.
In his victory speech Sebastian Pinera said:
"We believe in our country. We trust the chilean people and we have hope that together we will build a good future for each one of us."
Left-winger Alejandro Guillier conceded defeat congratulating his opponent on his win and his return to the presidency after a four-year gap.
Guillier had campaigned on reducing inequality and making education more affordable but he was too closely linked with out going president Michele Bachelet.
While her progressive agenda has won plaudits abroad, her popularity plummeted during her second term, due in part to a 2015 corruption scandal involving her daughter-in-law.
Pinera's first administration was marked by a vibrant economy lifted by booming copper prices, but is perhaps best remembered for the spectacular rescue in 2010 of 33 miners who were trapped underneath the Atacama desert.
His time in power was also marred by incessant street protests by thousands of students seeking an education overhaul, while his government's responses were often seen as out of touch.
Pinera once again takes up the presidential baton brandishing his business success and promising to make Chile the first Latin American country to achieve "developed nation" status in the Organisation for Economic Cooperation and Development.