Many of the greatest investors in recent history have shown that the best way to build your wealth is by utilising long-term, buy and hold investing. Warren Buffett is often regarded as the world’s most successful and believes, “the best holding period is forever.”

He’s made a name for himself through buying established blue-chip companies at good prices. With that in mind, below are five blue chips which, at the right price, will reward long-term shareholders with generous dividends and steady growth.

1. As our largest toll road operator, Transurban Group (ASX: TCL) has a wide moat around its business. With continual increases in toll prices, road widening and improvement works, there is much to like about its business. It pays a 4.3% dividend.

2. Another infrastructure provider with long-term potential is APA Group (ASX: APA). It has an extensive nationwide pipeline network which connects gas producers to Australian cities and storage facilities. It has a 5.1% dividend yield.

3. Leisure and entertainment business, Ardent Leisure (ASX: AAD) is the name behind brands such as Good Life health clubs, Dream World and Main Event (in the US) just to name a few. It pays a 4.7% dividend yield.

4. Of the big banks, I believe Australia and New Zealand Banking Group (ASX: ANZ) will outperform its peers as its Asian strategy gains traction in the coming decade. It is forecast to pay a 5% dividend in the next year.

5. Telstra Corporation Ltd (ASX: TLS) is a favourite of many Aussie investors for both income and safety. With a huge market share of mobiles and fixed internet coupled with an expansion into Asia, it’ll remain one of the best income stocks in the S&P/ASX 200 (ASX: XJO) (INDEX: ^AXJO) for many years.

The best BUY of all

These 5 stocks are bolstered by wide “moats” which give them a competitive advantage over new and existing competitors. This enables them to operate on enviable margins. At current prices I feel Ardent Leisure is good value but I am remaining cautiously optimistic about all their share prices.

However I am extremely bullish on another long-term ASX stock which has robust margins and an EXCELLENT dividend yield. Our analysts recently dubbed it, "The Motley Fool's Top Stock for 2014". BEST OF ALL: It's yours FREESimply click here for your copy of "The Motley Fool's Top Stock for 2014."

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies.