Leftist Gabriel Boric won Chile's presidential runoff election after far-right rival José Antonio Kast conceded the race Sunday.

Why it matters: Chile has long been a byword for stability and prosperity in the region, but it has become increasingly polarized since anti-government protests erupted in 2019, thrusting the country into a fierce debate over economic inequality and national identity, per Axios' Dave Lawler.

• Former student leader Boric will at 35 become one of the world’s youngest heads of state and the youngest-ever president of Chile, the New York Times reports.

By the numbers: With nearly 99% of polling stations reporting, Boric secured 56% of the votes, while former congressman Kast had 44%, AP notes.

The big picture: Boric champions levying more taxes on companies, reforming pensions and increasing financing and tightening regulations to try to reduce the environmental effects of state-owned mining company, Codelco, Marina E. Franco writes for Axios Latino.