Perez won 65% of the vote, the club's official count showed, while Riquelme took 35% of a total of 33,555 members who voted at Real's Valdebebas training ground on the outskirts of Madrid on Sunday.
"I would like to congratulate Florentino Perez's campaign on its victory. Real Madrid will not go another 20 years without an election," Riquelme told reporters.
Perez called the election on May 12 despite having two years left on his mandate, after a second straight season without silverware for the record 15-times European champions and with arch-rivals Barcelona retaining their LaLiga title.
He declared the result "extraordinary" in a victory speech at a hotel in the Spanish capital and said Real had "set an example to the world of transparency and harmony".
"This has been a great day for Real Madrid. We have won across the board, that is to say, across all age groups. And we have achieved the second-best result in the history of Real Madrid elections," Perez said.
Perez first became Real president in 2000 and had renewed his mandate five times since 2009 by running unopposed. The club had not held a formal presidential vote since 2006, when Ramon Calderon won by a narrow margin.
In the build-up to Sunday's vote, Perez promised to appoint Benfica manager Jose Mourinho and said he would spend 150 million euros on an unnamed player to be revealed on Tuesday, a fee that would represent a club record.
He also said defenders Ibrahima Konate and Denzel Dumfries would be his first signings if elected.
Benfica acknowledged Perez's interest in Mourinho in a statement to Portugal's CMVM market regulator, saying any move to appoint the Portuguese coach would require payment of 15 million euros to terminate his contract.
Riquelme had tried to unseat Perez with pledges to sign Manchester City pair Erling Haaland andRodri, while pitching himself as the candidate who would bring members closer to a club he said had drifted away from them.
He promised to turn Valdebebas into a social hub featuring a hotel, swimming pools, a gym and a 15,000-capacity arena for Real Madrid's basketball team that could also host concerts.
His campaign also targeted Perez's proposal, raised last November, to create a subsidiary that would allow outside investors to buy a stake of around 5% in the club. Riquelme said he "vehemently rejects" the plan and accused Perez of wanting to "privatise the club".
Perez has said Real's member-owned model would remain intact and that membership would have "a real and tangible value". Any change to the club's statutes would require approval at an extraordinary general meeting.
Real posted 2024-25 revenue of 1.19 billion euros and are valued by Forbes at $6.75 billion, the highest in world football.
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