The ASX 200 shares to buy now to get rich later

Instead of trading for short term gains, I believe the key to getting rich is investing with a long term view in quality ASX 200 shares like Altium Limited (ASX:ALU)…

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While short term trading can provide investors with an adrenaline kick and potentially decent returns, this strategy is a very risky one and creates more losers than winners.

Instead, I think investors interested in building their wealth should consider a more prudent investment strategy that involves buying and holding shares over the long term.

With that in mind, here are three ASX 200 shares that I believe investors should consider:

Altium Limited (ASX: ALU)

Altium is a printed circuit board-focused design software company that I believe could be a long-term market-beater. I'm particularly bullish on Altium due to its award-winning platform which is exposed to the growing Internet of Things (IoT) market. According to a recent presentation, global technology spending on IoT is expected to reach US$1.2 trillion in 2022. As the majority of IoT devices have printed circuit boards inside them, I expect this to lead to increasing demand for its industry-leading products.

Nearmap Ltd (ASX: NEA)

Nearmap is a leading aerial imagery technology and location data company. It has been growing at an explosive rate in recent years thanks to the growing popularity of its offering in Australia and the United States. And while the loss and downgrade of some large contracts this year has stifled its growth, I expect it to resume its positive growth trajectory in the coming years. Especially given its sizeable market opportunity and industry-leading product. In FY 2020 the company expects to report annualised contract value (ACV) in the range of $102 million to $110 million. This is around ~1% of the global aerial imagery market which is estimated to be worth US$10.1 billion.

Ramsay Health Care Limited (ASX: RHC)

Ramsay Health Care is a private hospital operator offering healthcare services from 480 facilities across 11 countries. This growing network makes it one of the largest and most diverse private healthcare companies in the world. While its short term growth is likely to be impacted by the coronavirus pandemic and tough trading conditions in key markets, I remain positive on its long term outlook. I think its shares could provide strong returns over the next decade as ageing populations and increased chronic disease burden drives increasing demand for its services globally.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Ramsay Health Care 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.

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