With these 3 growth stocks, I hope to build productive wealth

Investing in growing stocks can be a great way to create long-term wealth. Just ask anyone who has invested Nvidia Over the past 10 years (its share price has risen nearly 245 times since then).

Here, I'll highlight three growth stocks that I've been buying recently in hopes of building wealth for future generations. I believe these stocks have the potential to deliver huge returns in the long term.

The robo-taxi platform

First we have it Uber (NYSE:UBER). It is 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 has done well for me, going up to about $70.

I think it's starting though. Over the next few decades, I expect the stock to rise significantly as the company expands into new markets and revenues and profits rise.

One thing I really enjoy here is the robo-taxi. My guess is that Uber will be the platform that many robo-taxi businesses operate on in the future.

It is worth pointing out that there are risks to control in the short term. Given its disruptive nature, this is what business administrators like to target.

Taking a long-term view though, 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 a good number.

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

This stock has been going wild for the past few years. During the pandemic, it broke out as everyone enjoyed shopping online. Then it experienced a major crash as interest rates rose and growth stocks soared.

The company has continued to grow at a rapid pace throughout. Last year, for example, revenue increased by 26%. And the platform has attracted some big brands. Businesses using Shopify today include the likes of GymShark, Red Bull and Nescafé.

Looking ahead, I expect this stock to be volatile. If growth is slow, the share price is likely to fall due to the company's high valuation (P/E ratio is around 50).

As a long-term investor, I am comfortable with this volatility. In 10 years, I think I'll be looking at a winner.

The health care story of the decade

Finally, I bought shares in a pharmaceutical company Novo Nordisk (NYSE: NVO). It is a manufacturer of weight loss medicine Govy (and diabetes/weight loss medicine Ozempic).

This stock is a good investment lately. Over the past five years, it has grown nearly 420 percent due to demand for its weight loss and diabetes products.

I see a lot of potential for further growth over the next decade though. In accordance with Morgan Stanleythe weight loss drug market may grow 15 times by 2030.

Now, the risk here is competition from competitors. It's not just that Eli Lilly they do great things in the weight loss drug space but many other pharmaceutical companies – including the ones in the UK AstraZeneca – they work on new products.

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