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Retire rich with these ASX growth shares

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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:

Appen Ltd (ASX: APX)

Due to its exposure to an artificial intelligence market expected to grow to be worth up to US$191 billion by 2025, I think this global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence is well-positioned to continue its impressive growth. Especially given its recent acquisition of best-in-class machine learning software platform provider Figure Eight. This is expected to allow Appen to deliver the increasing volume, quality and speed requirements for training data to support machine learning and AI.

CSL Limited (ASX: CSL)

This global biotherapeutics company’s shares have provided investors with an average annual total return of approximately 21% over the last decade. Pleasingly, I believe the quality of its products, its talented management team, and the high level of investment in research and development have positioned it to continue providing market-beating returns over the next decade. This could make it a great long-term investment option for investors.

LiveTiles Ltd (ASX: LVT)

LiveTiles is a digital workplace platform provider which has been growing at an incredible rate in recent years. In fact, last week the company revealed that at the end of the third quarter its annualised recurring revenue (ARR) was up 208% on the prior corresponding period to $34.5 million. The good news is that management believes this strong growth can continue and is targeting an ARR of $100 million by the end of June 2021. Given the engagement of a specialist sales force, ongoing high-impact campaigns, and joint-marketing initiatives with tech giant Microsoft, I believe it has a great chance of achieving this lofty goal.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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 Appen Ltd. 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.

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