He seeks to follow in President Sebastian Pinera's footsteps.
Pinera, a billionaire and former airline magnate, has overseen a period high economic growth with low unemployment and inflation rates. But he has been troubled by widespread protests.
Chile, the world's largest copper producer, is respected for its fast-growing economy and stable institutions. But it also has the worst inequality rate among the 34 countries of the Organization for Economic Co-operation and Development.
The next president will have to tackle growing social demands and protests demanding a better distribution of Chile's copper wealth, the preservation of the environment and free education.
Associated Press writer Luis Andres Henao reported from Santiago, Chile. Eva Vergara contributed to this report.
Luis Andres Henao on Twitter: https://twitter.com/LuisAndresHenao