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Chile's New President

Billionaire Sebastian Pinera was elected president of Chile yesterday, after a runoff election against former president Eduardo Frei. Pinera, who was a senator for eight years and ran unsuccessfully for president in 2005, ranked 701st among the world's billionaires in March 2009 with a net worth of $1 billion. He is likely worth much more than that now thanks to the soaring value of his most valuable holding, a 26% stake in Chile's national airline LAN, which was recently worth $1.5 billion.

 

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