If you're interested in building your wealth, then I believe the best way to do this is by investing with a long term view.
This is because by investing with a long time horizon, you get to benefit from the power of compounding.
Compounding is what happens when you earn interest on top of interest. Or in the case of investments, returns on top of returns.
It explains why generating a 10% per annum return on a $25,000 investment becomes $27,500 after one year and then approximately $65,000 in 10 years.
But which shares can you grow your wealth with? Listed below are two top ASX shares that I believe could provide strong returns for investors over the next decade and beyond:
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Aristocrat Leisure Limited (ASX: ALL)
The first ASX share to consider buying for the long term is Aristocrat Leisure. This gaming technology company's shares have fallen heavily in 2020 because of the pandemic. However, with casinos now reopening, I expect demand for its industry-leading poker machines will soon rebound. In the meantime, its fledgling Digital business has been booming during lockdowns and is generating material recurring revenues. When these two businesses are finally pulling together, I expect its earnings growth to accelerate.
Pushpay Holdings Group Ltd (ASX: PPH)
Another option to consider buying and holding is Pushpay. It is a fast-growing donor management platform provider for the faith and not-for-profit sectors. Unlike Aristocrat Leisure, it has been a big winner from the pandemic. The temporary closure of churches and the shift to a cashless society have accelerated demand for its platform this year. So much so, management is expecting its earnings to double in FY 2021. Looking further ahead, it is targeting a 50% share of the medium to large church market. This is a US$1 billion opportunity, which provides it with a significant runway for growth.
