HEIR to a multinational business empire Daniel Noboa was elected president of Ecuador on Sunday.

Electoral officials said Mr Noboa won just over 52 per cent of the vote ahead of the left-wing candidate Luisa Gonzalez, an ally of exiled former president Rafael Correa, who secured 48 per cent. 

Ms Gonzalez conceded defeat in a speech to supporters in which she also urged Mr Noboa to now fulfil the promises he made during his campaign.

In his victory speech, Mr Noboa said his goal is “to return peace to the country, to give education to the youth again, to be able to provide employment to the many people who are looking for it.” 

He said he will begin to work to “rebuild a country that has been seriously hit by violence, corruption and hatred.”

His father Alvaro Noboa, who unsuccessfully ran for president five times, is the richest man in Ecuador thanks to a conglomerate that started in the growing and shipping of the South American country’s main crop, bananas. The business empire now includes more than 128 firms in dozens of countries. 

The country has been plagued by escalating drug violence, killings, kidnappings and robberies in recent years.