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Get rich with these stellar ASX growth shares

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 positive outlooks.

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

Appen Ltd (ASX: APX)

Appen is the global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. It has a team of 1 million+ crowd-sourced workers spread out across the globe. Its sizeable team allows the company to collect and label high volumes of image, text, speech, audio, and video data used to build and improve artificial intelligence models. Given the growing importance of artificial intelligence and machine learning and Appen’s leadership position in its field, I feel it is well-placed to continue growing its earnings at a strong rate long into the future.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Another growth share to consider buying is Domino’s. I think the pizza chain operator could be a long term market beater thanks to its strong market position, positive sales targets, and its bold expansion plans. Domino’s is aiming to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. It is also targeting same store sales growth of 3% to 6% per annum over the same period. If the company is able to at least maintain its margins, this should lead to strong earnings growth over the coming years and drive the Domino’s share price higher.

ResMed Inc. (ASX: RMD)

A final growth share to consider buying is this medical device company. ResMed has a portfolio of cloud-connected devices which care for people with sleep apnoea, chronic obstructive pulmonary disease, and other chronic diseases. The sleep treatment market is tipped to grow strongly over the next decade, which I believe puts ResMed in a position to continue growing its earnings at an above-average rate for some time to come.

These 3 stocks could be the next big movers in 2020

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.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and ResMed Inc. 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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