The electoral commission of Chile announced candidate Sebastian Pinera as the new president of the country. He will head the state from 2018 to 2022, RIA Novosti reports.

Pinera gained 54.57% of the votes, while his rival Guillier admitted his defeat after counting the votes in the second round.

The acting President Michelle Bachelet also congratulated Pinera on his victory.

Pinera and Guillier received 36.64% and 22.70% of the votes in the first round, respectively. To win in the first round, the candidate was had to collect more than 50%.

Sebastian Pinera has already served as the president of the country from 2010 to 2014. According to Forbes magazine, in 2017 his fortune is 2.7 billion dollars.