Billionaire Sebastián Piñera on Monday won the Chilean presidential elections defeating centre-left rival Alejandro Guillier, The Santiago Times reported. With 95% of the votes counted, Piñera, who was the candidate for the conservative Chile Vamos coalition, had won 54.51% of the vote, leaving Guillier behind at 45.49%.

Piñera will take over from socialist Michelle Bachelet as the president of Chile. In a speech, Piñera said he would be “president of all Chileans”. “Let’s make Chile into a developed country,” he told the crowd. Piñera, a former president, had promised to lower taxes for businesses if he came to power, BBC reported.

Guillier congratulated Piñera on his victory. He called his loss a “harsh defeat” and urged his supporters to defend the reforms initiated by his predecessor Bachelet.