Gabriel Boric has defeated his closest rival in the Chilean presidential race José Antonio Kast by a 10 points margin hence emerging as the nation's president-elect. The 35-years-old Boric has also entered the nation's history books as its youngest-ever president following the country's hotly contested Sunday's presidential election.

Chile has in recent years been rocked by violent demonstrations over inequality and corruption, vices that the new leader has vowed to deal with by restoring democracy and fixing the country's neoliberal economic model.

Celebrations in Santiago

The announcement of Boric's victory brought the nation's capital Santiago to a standstill as his jubilant supporters thronged the city in celebrations. They cheered, embraced and waved flags with the president-elect's photo as they sang and danced. Those with cars drove around as they honked horns. Also on the streets to celebrate Boric's election were LGBT groups that are in support of his socially inclusive policies. They waved their trademark rainbow flags as they celebrated the victory.

In his maiden speech, Mr. Boric promised to work for all Chileans and said that he was assuming the presidency with a "tremendous sense of responsibility," vowing to "firmly fight against the privileges of a few."

"We have an enormous challenge.

I know that in the coming years, the future of our country is at stake, so I guarantee that I will be a president who cares for democracy and does not risk it, listens more than speaks, seeks unity, and attends to the needs of the people daily," he told supporters.

As per official results, the president-elect garnered 56% of the votes while his rival, Mr.

Kast's managed 44%. Mr. Kast quickly conceded defeat and congratulated Boric on his election as Chilean president. Both Boric and Kast are representatives of parties that have never been in Government.

Inequalities in Chile

As per the United Nations records, Chile has one of the world's most significant inequality gaps, with a mere 1% of its population in control of 25% of the nation's wealth.

It was initially one of the most stable economies in Latin America.

To address the inequality challenge, Boric promised during his campaigns that he would expand social rights and reform Chile's healthcare and pension systems. The youthful leader also pledged to reduce the work week by 45 to 40 hours, besides boosting green investment.

"We know there continues to be justice for the rich and justice for the poor, and we no longer will permit that the poor keep paying the price of Chile's inequality," he said.

Boric is also keen on blocking a controversial proposed mining project that would destroy communities and the environment.