A recent Bankrate survey found that Americans think they'd need to make $483,000 per year on average to feel rich. Few currently earn that amount, though.
No one can honestly guarantee you that you'll become rich based on that definition. However, there are some pretty dependable ways to increase your wealth over time. Want to get richer? Buy and hold these five unstoppable stocks.
1. Alphabet
Even if you aren't familiar with Alphabet (GOOG +1.09%) (GOOGL +1.31%), you almost certainly know its products quite well. They include Google Search, YouTube, Gmail, the Chrome browser, and the Android operating system.
NASDAQ: GOOGL
Key Data Points
Alphabet ranks as a leader in artificial intelligence (AI), self-driving cars, and quantum computing. And it has tremendous growth opportunities in these and other areas. The stock should deliver solid returns over the long run.
2. Amazon
Amazon (AMZN +0.61%) is a household name with millions of Americans using its online platform to buy a wide variety of products. The company has also branched out into other areas beyond e-commerce, including the grocery business (it owns Whole Foods) and healthcare.
But Amazon's biggest growth engine is its Amazon Web Services (AWS) cloud services unit. AWS commands the largest global market share. It should become much larger over the next decade and beyond as AI adoption drives more organizations' apps and data to the cloud.
3. Brookfield Renewable
All problems present opportunities. As a case in point, climate change is opening up a significant new market for renewable energy. Brookfield Renewable (BEP 0.84%) (BEPC +0.00%) operates hydroelectric, wind, solar, and distributed energy facilities across the world.
NYSE: BEP
Key Data Points
The company expects to generate 12% to 15% average annual total returns over the long term. That's enough to roughly double your money every five to six years. Brookfield Renewable appears to be in a good position to meet its goal as countries and corporations shift to renewable energy sources.
4. MercadoLibre
Latin America is home to around 620 million people. The region has a growing middle class. MercadoLibre (MELI +3.27%) operates the largest e-commerce platform in Latin America.
Like Amazon, MercadoLibre has used its e-commerce leadership to expand into new markets. Its fintech revenue is on pace to top $5.6 billion this year. The stock has soared over 250% during the last five years and should have plenty of room to run going forward.
5. Vertex Pharmaceuticals
Vertex Pharmaceuticals' (VRTX +0.87%) therapies have transformed the lives of cystic fibrosis (CF) patients. The big biotech claims the only approved drugs that treat the underlying cause of the genetic disease. And it doesn't have any competition: Vertex's nearest rival remains years away from even having a shot at winning regulatory approval for its CF therapy.
NASDAQ: VRTX
Key Data Points
However, the main way that Vertex can make you richer is by expanding beyond CF. The company expects to have five potential launches over the next five years. Two of them could come really soon with regulatory decisions on the way for gene-editing therapy exa-cel in treating (actually, curing) rare blood disorders sickle cell disease and transfusion-dependent beta-thalassemia.
In addition to exa-cel, Vertex's pipeline includes non-opioid pain drug VX-548 and inaxaplin, which targets the treatment of APOL1-mediated kidney disease -- an indication that affects more patients than CF. The company is also advancing progams in clinical testing that hold the potential to cure type 1 diabetes.
