One of the greatest things about investing on Wall Street is that there are countless strategies that can be used to grow your wealth. While there's no one-size-fits-all approach, buying and holding high-quality dividend stocks has been a strategy that's fared better than most.

Last year, the investment advisors at Hartford Funds released a report ("The Power of Dividends: Past, Present, and Future") that examined the outperformance of dividend-paying stocks, when compared to non-payers, over time. In particular, one data set, which was calculated in collaboration with Ned Davis Research, found that dividend stocks more than doubled the average annual return of non-payers over a half-century: 9.17% to 4.27% between 1973 and 2023.

This outperformance isn't lost on Wall Street's smartest investing minds.

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Source Fool.com