I think the best long-term ASX 200 shares to own often have two things in common.
They already have strong positions today, and they still have ways to become more valuable over time.
That is the combination I like. I am not looking for a quick trade or a one-year bounce. I am looking for businesses that can keep widening their advantage, reinvest well, and reward patient investors over a decade.
Two ASX 200 shares I think could beat the market over the next 10 years are named in this article.
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Wesfarmers Ltd (ASX: WES)
Wesfarmers is one ASX 200 share I would be happy to buy and hold for the next decade.
The group is best known for Bunnings. Its brand, scale, trade exposure, store network, and product range give it an enviable position in home improvement.
But I think the wider Wesfarmers group is what makes the investment case more interesting.
Kmart has become a powerful value retail business at a time when many households are still looking carefully at price. Officeworks gives the group exposure to work, study, technology, and business needs. Priceline and the broader health division add another long-term avenue, while OnePass and data-led retail initiatives could help the group build deeper customer relationships across its brands.
Wesfarmers also has balance sheet flexibility and a long record of disciplined capital allocation. That can be important over a 10-year period because opportunities will not always arrive in a neat, straight line. I like businesses that can invest through the cycle, make acquisitions when the price is right, and step back when the numbers do not stack up.
The valuation can be demanding sometimes, and retail conditions can still weaken. But I think Wesfarmers has the quality, brands, and management discipline to keep creating value well beyond the next result.
REA Group Ltd (ASX: REA)
REA Group is another ASX 200 share I think could beat the market over the long term.
The company owns realestate.com.au, and I think it is one of the strongest digital platforms in Australia.
The reason I like REA is that its platform sits at the centre of a very important decision: buying, selling, or renting property.
That gives it a powerful position. Buyers and renters want to search where the listings are. Agents and sellers want to advertise where the audience is. Advertisers, lenders, and property-related service providers also want access to that audience.
REA's recent quarterly update showed how strong that audience remains. The company reported record Australian audiences in the March quarter, with 12.9 million average monthly visitors. It also noted that realestate.com.au attracts and engages buyers for 9 in 10 properties that sell on its platform.
But I do not think investors need to get lost in the numbers. The key point is simple: REA has a very hard-to-replicate position in Australian property.
I also think the business has more growth options than just charging more for listings. Premium products, data, seller leads, agent tools, property insights, financial services, and AI-enhanced search could all help increase the value of the platform over time.
The housing market can be uneven, and REA also often trades on a premium valuation. But I think great platform businesses can deserve premium valuations as their competitive position continues to strengthen.
Foolish Takeaway
A decade is a long time in the share market.
There will be weak markets, valuation resets, earnings disappointments, and plenty of moments when investors question even the best businesses.
But that is also why I like focusing on companies with strong foundations and multiple ways to grow. Wesfarmers and REA do not need one single theme to go perfectly right. They have built advantages that can keep working across different market conditions.
For patient investors, I think both ASX 200 shares have the quality to deliver market-beating returns over the next 10 years.
