I believe that 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.
Two ASX growth shares that tick a lot of boxes for me right now are listed below.
Here's why I think they could provide outsized returns for their shareholders over the 2020s:
Appen Ltd (ASX: APX)
The first ASX growth share that I would buy right now is Appen. It is the global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. Appen has a very strong position in the industry thanks to its team of over 1 million crowd-sourced workers spread out across the globe.
This sizeable team allows the company to collect and label high volumes of image, text, speech, audio, and video data that is used to build and improve artificial intelligence models. Given the growing importance of artificial intelligence and machine learning for businesses and governments, I expect demand for its services to grow rapidly over the coming years. This should put the company in a position to continue growing its earnings at a strong rate long into the future.
PolyNovo Ltd (ASX: PNV)
Another ASX growth share to consider buying is PolyNovo. It is an exciting medical device company behind the increasingly popular NovoSorb technology. NovoSorb is a biodegradable material that was developed and CSIRO and is used to aid the repair of bone fractures and damaged cartilage, and also in skin grafts.
I believe the NovoSorb Biodegradable Temporising Matrix (BTM) product will be the key driver of growth in the future. It is a wound dressing intended to treat full-thickness wounds and burns and has a massive $1.5 billion market opportunity. Management also has plans to expand its use into other markets and has its eyes on the hernia and breast treatment markets. These would add a further $6 billion to its addressable market if successful.
