Investing in growth stocks can be a good way to create wealth for the long term. Just ask anyone who invested in Nvidia 10 years ago (its share price has increased roughly 245-fold since then).

Here, I’m going to highlight three growth stocks I’ve been buying recently in the hope of building wealth for future generations. I believe these shares have the potential to deliver substantial gains over the long term.

A platform for robo-taxis

First up we have Uber (NYSE:UBER). It’s a well-known rideshare and food delivery company.

I started buying this stock last year when it was trading near $40. And, so far, it’s done well for me, rising to around $70.

I think it’s just getting started though. Over the next few decades, I expect the stock to rise significantly as the company expands into new markets and its revenues and earnings climb.

One thing I’m particularly excited about here is robo-taxis. My view is that Uber will be the platform that many robo-taxi businesses operate on in the future.

It’s worth pointing out that there’s regulatory risk in the short term. Given its disruptive nature, this is a business regulators love to target.

Taking a long-term view however, I think it has bags of potential. It’s worth noting that the P/E ratio using next year’s earnings forecast is only about 30 – I think that’s good value.

Next, we have Shopify (NYSE: SHOP). It operates a large-scale online shopping platform that allows merchants to easily set up stores and start selling their products.

This stock’s been on a wild ride over the last few years. During the pandemic, it shot up as everyone got excited about online shopping. It then experienced a major crash as interest rates rose and growth stocks tanked.

The company’s continued to grow at a rapid pace the whole time however. Last year, for example, revenue climbed 26%. And the platform’s attracted some major brands. Businesses using Shopify today include the likes of GymShark, Red Bull and Nescafé.

Looking ahead, I’m expecting this stock to be volatile. If growth slows, the share price is likely to fall due to the company’s high valuation (the P/E ratio’s about 50).

As a long-term investor however, I’m comfortable with this volatility. In 10 years’ time, I reckon I’ll be looking at a winner.

The healthcare story of the decade

Finally, I’ve bought shares in pharma company Novo Nordisk (NYSE: NVO). It’s the maker of weight-loss drug Wegovy (and diabetes/weight-loss drug Ozempic).

This stock’s been a fabulous investment recently. Over the last five years, it’s climbed about 420% on the back of demand for its weight-loss and diabetes products.

I see plenty of potential for further growth over the next decade however. According to Morgan Stanley, the weight-loss drug market could be set to grow more than 15-fold by 2030.

Now, a risk here’s competition from rivals. Not only is Eli Lilly doing great things in the weight-loss drug space but lots of other pharma companies – including the UK’s AstraZeneca – are working on new products.

Novo Nordisk continues to spend billions on R&D however ($4.7bn in 2023). So I’m optimistic it can continue to be a market leader.