The township also controls the most transited pedestrian access to the Avila National Park (Sabas Nieves), a popular destination for caraqueños.

The traditional Venezuelan private sector has given way to new short-term businesses and franchises that bloom around the city thanks in part to soaring oil prices.

Chacao is again an important player in this money wave craze, with commercial and residential real estate prices among the highest in the nation.

[1] The Cathedral and Bolivar Square area, known as Pueblo de Chacao was home to Spanish, Italian and Portuguese immigrant waves, and today represents a middle class stronghold in the municipality.

Small pockets of poverty, known as barrios, are also present, some of the best known are Pajaritos and El Pedregal which are surrounded by luxury condos and opulent houses.

Former mayor Leopoldo López Mendoza, elected in 2000 and re-elected for the 2004-2008 term, has played a prominent role in anti-Chávez politics over the past eight years.

On April 15, 1769, the residents of Chacao asked for the creation of an independent ecclesiastical parish, Lieutenant Francisco Palacios y Sojo made the request, after evaluating the economic conditions.