SANTIAGO, Chile  Sebastián Piñera, a billionaire businessman and former senator, broke the 20-year hold on power of a leftist coalition on Sunday, becoming the first right-wing president to be elected in Chile since the dictatorship ended in 1990.

It was the first time the right had won the presidency democratically in more than 50 years, and Mr. Piñera is one of a handful of conservatives elected to head a Latin American country since the region began a strong swing to the left in recent decades.

But most analysts did not see the vote as a reflection of a major conservative shift among voters as much as a sign of disenchantment with what they saw as stale ideas and a desire for renewal.

“It’s clear to me there needs to be change in Chile,” said Eduardo Navarrete, a retiree who voted for Mr. Piñera. “Twenty years of abuse and fake progress based solely on the price of copper is too much. The rest is just for show.”