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These ASX growth shares could help you retire rich

James Mickleboro

I think one of the best ways for investors to grow their wealth is to make long term investments in quality shares with strong business models and equally strong growth prospects.

Three shares that I think could provide outsized returns for their shareholders and potentially allow investors to retire rich are listed below. Here’s why I like them:

Altium Limited (ASX: ALU)

I think Altium could be one of the best buy and hold options on the local share market. This is because of the quality of its design software and its exposure to the massive Internet of Things (IoT) market. Recent research by Statista estimates that the IoT market will grow from 23 billion devices in 2018 to 75 billion devices by 2025. As the majority of these devices require printed circuit boards (PCBs) inside them, demand for Altium award-winning PCB design software could increase materially over the next decade and drive very strong profit growth.

CSL Limited (ASX: CSL)

Much to the delight of its shareholders, this global biotherapeutics company’s shares have been market-beaters consistently over the last decade. The good news is that I believe the quality of its products, its talented management team, and high level of investment in research and development have positioned CSL to continue generating outsized returns for investors over the next decade. This could make it a great long-term investment option for investors.

REA Group Limited (ASX: REA)

I think that REA Group is another top share for investors to consider buying right now. This is due to its high quality business model and the potential rebound in the housing market in FY 2020. Considering that REA Group has still managed to deliver strong profit growth in FY 2019 despite the property downturn, I believe the company’s earnings growth could accelerate if house prices recover and drive strong listings growth.

And here are three more top shares that could be fantastic buy and hold options.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019