He edged past his left-winger opponent, Alejandro Guillier, in Sunday's Presidential vote.

Pinera won around 54 percent of the votes.

The concluding election also allowed Chileans living abroad to vote for the first time.

Around 14 million people were eligible to exercise their rights, however, voter turnout was recorded at just 48.5 percent.

Addressing the nation after his victory, Pinera called for unity.

"Chile needs agreements more than confrontations. The paths of the future unite us. Sometimes the stories of the past separate us," he said.

The President-elect is a billionaire businessman who first ruled the nation from 2010-2014, ending two decades of centre-left rule in Chile.

Image: twitter.com/sebastianpinera