When it comes to building wealth, following in the footsteps of Warren Buffett is never a bad idea.
The Oracle of Omaha has built a fortune by owning high-quality assets, staying patient, and letting compounding do the heavy lifting.
The good news for Australian investors is that ASX exchange-traded funds (ETFs) make that approach incredibly simple. With just a few holdings, you can build a globally diversified portfolio designed to grow steadily for decades.
Here are three ASX ETFs that could quietly make patient investors far wealthier over the next 20 years.
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iShares S&P 500 ETF (ASX: IVV)
If you wanted to follow the Buffett philosophy of buying great businesses and holding them forever, the iShares S&P 500 ETF may be the closest thing you will find on the ASX.
It tracks the S&P 500, which is an index that Buffett himself has repeatedly recommended for most investors who want long-term growth without the complexity of picking individual stocks.
Inside this fund sit many of the world's most dominant companies, including Microsoft (NASDAQ: MSFT), Nvidia (NASDAQ: NVDA), and Walmart (NYSE: WMT). These are global leaders with strong competitive advantages, deep cash flows, and the ability to reinvest profits at scale.
Over the past century, the S&P 500 has compounded at roughly 10% per year on average. While future returns are never guaranteed, owning the world's most productive businesses through this ASX ETF gives investors a powerful foundation for multi-decade compounding.
VanEck Morningstar Wide Moat ETF (ASX: MOAT)
Another ASX ETF that could be a great buy and hold pick is the VanEck Morningstar Wide Moat ETF.
This ASX ETF invests in US stocks that possess wide economic moats, which mean their competitive positions are enduring and difficult for rivals to disrupt. It is a strategy very much aligned with Buffett's own investing principles.
The fund's holdings currently include companies such as Adobe (NASDAQ: ADBE), Nike (NYSE: NKE), and Walt Disney (NYSE: DIS). These are businesses with strong brands, intellectual property, or network effects that give them structural advantages.
Because this fund focuses on durable, cash-generating leaders, it can be a powerful long-term growth engine that avoids fads and sticks to quality that compounds over decades.
Betashares Australian Quality ETF (ASX: AQLT)
Finally, for investors wanting home-grown exposure, the Betashares Australian Quality ETF offers a simple way to own some of the strongest, most resilient companies on the local bourse.
This ASX ETF screens for profitability, earnings stability, and financial strength, which are characteristics Buffett has famously prioritised throughout his career. Among its holdings are local giants such as Woolworths Group Ltd (ASX: WOW), Macquarie Group Ltd (ASX: MQG), and CSL Ltd (ASX: CSL).
This fund was recently recommended by analysts at Betashares.
