Chile just elected a billionaire president. These are the 4 things you need to know.

Former President Sebastian Pinera’s resounding victory in a presidential runoff election swings Chile back to the right and highlights the increasing number of conservative leaders who have won power in Latin America.

With nearly all ballots counted, the billionaire won 54.6 percent of the votes Sunday to 45.4 percent for former journalist and center-left Sen. Alejandro Guillier. Analysts had predicted a much closer contest, feeling Guillier had gained ground, although there had not been any opinion polls since the election’s first round in November.

Guillier, 64, had received the support of current President Michelle Bachelet, and had vowed to continue her plan to increase corporate taxes to partly finance an education overhaul, reform the constitution and improve the pension and health care system.

But many Chileans have been disillusioned by lagging economic growth during Bachelet’s administration, a problem based largely on lower international prices for copper, which is the backbone of Chile’s economy. Many also feel she wavered on her promises of profound social changes in labor and education and the vote was largely seen as a referendum on her policies.

On Sunday, Chileans elected Sebastián Piñera president. The runoff election followed a first round on Nov. 19 for both the executive and legislative branches. Piñera, of the right-leaning National Renovation party, represents the conservative Let’s Go Chile coalition. The president-elect defeated center-left candidate Alejandro Guillier, of the ruling New Majority coalition, by 9 points, turning the current government out of office. This will be Piñera’s second term in office. He governed Chile between 2009 and 2014.

Turnout increased between the first and second round, but initial data suggests the growth heavily favored the right. While a large share of left voters who participated in November stayed home on Sunday, conservative voters who abstained in the first round showed up at much higher rates. During Piñera’s acceptance speech, supporters could be heard singing “Chile has been saved.”

Piñera, a businessman turned statesman, is ranked one of the world’s wealthiest politicians. He once owned the television channel Chilevision, a large share of Lan Chile airlines, and the Colo-Colo soccer team. Earlier this year, the billionaire was criticized in the media for his offshore holdings and use of tax havens.

1. Chile did not turn right. But the center is vanishing and the traditional parties have limited appeal.

2. The Broad Front vote cannot be transferred to other left parties.

3. Discontent and anti-establishment voting is on the rise.

4. Governing will be difficult and reform is unlikely.

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