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Billionaire Sebastián Piñera won a landmark victory in Sunday’s presidential election, and will become Chile’s first conservative leader since the end of the dictatorship of Augusto Pinochet two decades ago.

With 99% of polling places reporting, Mr. Piñera had 51.6% of the vote, compared to 48.3% for Eduardo Frei, an ex-president who was the candidate of the center-left Concertación coalition that has governed Chile since 1990. Mr. Frei conceded defeat early Sunday evening.

Billionaire presidential candidate Sebastian Piñera waved with his wife, Cecilia Morel, after voting Sunday in Santiago during a runoff election.
Billionaire presidential candidate Sebastian Piñera waved with his wife, Cecilia Morel, after voting Sunday in Santiago during a runoff election.
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