UNITED NEWS INTERNATIONAL (UNI) — Billionaire Sebastian Piñera was sworn in as Chile’s president for the second time on March 11.

Piñera served as president from 2010 to 2014 and was elected for a second term in December.

He has an estimated net worth of $2.8 billion that he made largely from introducing credit cards to the country.

Piñera donned the presidential sash at a ceremony in the capital Santiago attended by the presidents of Mexico, Argentina, Bolivia, Brazil, Ecuador and Peru.

The conservative Piñera takes over from outgoing President Michelle Bachelet, a socialist.

Piñera has promised to reduce government spending and stimulate economic growth.

He also promised to reform the country’s pension and healthcare systems, but will keep in place the education reforms of his predecessor.

Later in the day, Piñera visited a children’s shelter in Santiago, where he said reforming state care for vulnerable children would also be a priority.