Markets
The 25 Best Stocks by Shareholder Wealth Creation (1926-2022)
The 25 Best Stocks by Shareholder Wealth Creation (1926-2022)
Out of 28,114 publicly-listed U.S. companies analyzed over the last century, the 25 best stocks have created nearly a third of all shareholder wealth. Put another way, just 0.1% of stocks have added over $17.6 trillion to investors’ wallets.
In this graphic, we use data from Henrik Bessembinder of Arizona State University to show the best stocks of the last century.
How is Shareholder Wealth Creation Calculated?
Bessembinder took three steps to measure lifetime shareholder wealth creation:
- Considered U.S. stocks in the Center for Research in Security Prices database from 1926 (or when the stock was first listed) until 2022 (or when the stock was delisted).
- Measured share price changes as well as cash flows to/from shareholders including dividends, spinoffs, share buybacks, and new share issuances.
- Calculated the excess wealth generated compared to investing in one-month Treasury bills over the same time period.
If a company exited the database during the period, Bessembinder calculated its delisting return based on any proceeds from mergers or acquisitions as well as estimates of any remaining value after delistings for negative reasons.
GM is the only company within the top 25 to be delisted prior to December 2022. Its second IPO in 2010 was considered a new company and not continuous wealth creation.
The 25 Best Stocks in Modern History
With this definition in mind, here are the best stocks since 1926.
Rank | Company | Lifetime Wealth Creation | First Month | Last Month |
---|---|---|---|---|
1 | APPLE | $2.7T | Jan‐81 | Dec‐22 |
2 | MICROSOFT | $2.1T | Apr‐86 | Dec‐22 |
3 | EXXON MOBIL | $1.2T | Jul‐26 | Dec‐22 |
4 | ALPHABET | $1.0T | Sep‐04 | Dec‐22 |
5 | AMAZON | $764B | Jun‐97 | Dec‐22 |
6 | BERKSHIRE HATHAWAY | $704B | Nov‐76 | Dec‐22 |
7 | JOHNSON & JOHNSON | $661B | Oct‐44 | Dec‐22 |
8 | WALMART | $629B | Dec‐72 | Dec‐22 |
9 | CHEVRON | $583B | Jul‐26 | Dec‐22 |
10 | PROCTER & GAMBLE | $581B | Sep‐29 | Dec‐22 |
11 | IBM | $563B | Jul‐26 | Dec‐22 |
12 | UNITEDHEALTH GROUP | $551B | Nov‐84 | Dec‐22 |
13 | ALTRIA GROUP | $490B | Jul‐26 | Dec‐22 |
14 | MERCK & CO | $478B | Jun‐46 | Dec‐22 |
15 | HOME DEPOT | $477B | Oct‐81 | Dec‐22 |
16 | COCA COLA | $474B | Jul‐26 | Dec‐22 |
17 | GENERAL ELECTRIC | $463B | Jul‐26 | Dec‐22 |
18 | JPMORGAN CHASE | $459B | Apr‐69 | Dec‐22 |
19 | GENERAL MOTORS | $454B | Jul‐26 | Jun‐09 |
20 | ELI LILLY | $418B | Aug‐70 | Dec‐22 |
21 | ORACLE | $383B | Apr‐86 | Dec‐22 |
22 | VISA | $372B | Apr‐08 | Dec‐22 |
23 | MASTERCARD | $370B | Jun‐06 | Dec‐22 |
24 | PEPSICO | $369B | Jul‐26 | Dec‐22 |
25 | PFIZER | $350B | Feb‐44 | Dec‐22 |
Apple takes the top spot, having created nearly 5% of all shareholder wealth. From the iPod to the iPhone, Apple’s ability to keep innovating has helped it gain a loyal fan base and given the company pricing power. Notably, Apple is America’s most profitable company.
ExxonMobil is the only non-technology company among the five best stocks. When Exxon and Mobil merged in 1999, it was the biggest merger in history and ExxonMobil temporarily became the world’s largest public company by market capitalization. More recently, the company experienced record profits in 2022 due to high oil prices.
The list also shows how wealth-generating patterns have changed over time. While energy and consumer staples are more frequent among older companies in the ranking, the stocks that have created massive wealth in recent years are more likely to be technology or financial companies.
Finding the Next Winners
Given that the names on this list account for 0.1% of all public U.S. stocks, picking out one of the next long-term winners could be a difficult task. In fact, 95% of actively-managed large cap funds—which aim to beat the market through stock picking—underperformed their benchmark over a 20-year period.
Investing in index funds is one possible way to get exposure to top performers. For instance, Apple has been part of the S&P 500 since 1982, about a year after it went public.
Mining
An Investor’s Guide to Copper in 3 Charts
Explore three key insights into the future of the copper market, from soaring demand to potential supply constraints.

An Investor’s Guide to Copper
Copper is the world’s third-most utilized industrial metal and the linchpin of many clean energy technologies. It forms the vital connections in our electricity networks, grid storage systems, and electric vehicles.
In this graphic, sponsored by iShares, we dig into the forces that are set to shape the future of the copper landscape.
How Much Copper Do We Need?
Copper is poised to experience a remarkable 54% surge in demand from 2022 to 2050.
Here’s a breakdown of the expected demand for copper across clean energy technologies.
Technology | 2022 (kt) | 2050P (kt) |
---|---|---|
Electricity networks | 4364 | 8862 |
Other low emissions power generation | 93.7 | 142.2 |
Solar PV | 756.8 | 1879.8 |
Grid battery storage | 24.6 | 665.2 |
Wind | 453.5 | 1303.3 |
Hydrogen technologies | - | 0.22 |
Electric vehicles | 370 | 3582.9 |
Other uses | 19766 | 22382 |
Copper is vital in renewable energy systems such as wind turbines, solar panels, and electric vehicle batteries because of its high electrical conductivity and durability.
It ensures the effective transmission of electricity and heat, enhancing the overall performance and sustainability of these technologies.
The rising demand for copper in the clean energy sector underscores its critical role in the transition to a greener and more sustainable future.
When Will Copper Demand Exceed Supply?
The burgeoning demand for copper has set the stage for looming supply challenges with a 22% gap predicted by 2031.
Given this metal’s pivotal role in clean energy and technological advancements, innovative mining and processing technologies could hold the key to boosting copper production and meeting the needs of a net-zero future.
Investing in Copper for a Prosperous Future
Investors looking for copper exposure may want to consider an ETF that tracks an index that offers access to companies focused on the exploration and mining of copper.

-
Strategic Metals3 days ago
The Critical Minerals to China, EU, and U.S. National Security
Ten materials, including cobalt, lithium, graphite, and rare earths, are deemed critical by all three.
-
Mining3 weeks ago
All the Metals We Mined in One Visualization
This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.
-
Precious Metals2 months ago
200 Years of Global Gold Production, by Country
Global gold production has grown exponentially since the 1800s, with 86% of all above-ground gold mined in the last 200 years.
-
Strategic Metals4 months ago
Charted: America’s Import Reliance of Key Minerals
The U.S. is heavily reliant on imports for many critical minerals. How import-dependent is the U.S. for each one, and on which country?
-
Batteries4 months ago
Ranked: The World’s Top Cobalt Producing Countries
Cobalt, an essential component for certain types of EV batteries, has seen a significant shift in its global production landscape.
-
Energy5 months ago
How Big is the Market for Crude Oil?
The oil market is bigger than the 10 largest metal markets combined, with production value exceeding $2 trillion annually.
-
Markets6 days ago
Charted: The Industries Where Asian Companies are the Strongest
-
Retail2 weeks ago
Ranked: Average Black Friday Discounts for Major Retailers
-
Brands2 weeks ago
Ranked: Fast Food Brands with the Most U.S. Locations
-
Markets2 weeks ago
Visualizing 30 Years of Imports from U.S. Trading Partners
-
Markets1 week ago
Ranked: The Biggest Retailers in the U.S. by Revenue
-
Globalization1 week ago
The Top 50 Largest Importers in the World
-
Maps1 week ago
Mapped: Which Countries Recognize Israel or Palestine, or Both?
-
Misc1 week ago
Ranked: America’s Best Universities