Will Amazon Stock Make You a Millionaire In 10 Years?

Amazon isn’t just a retailer. It’s an ecosystem and it’s hard to find another company with the same mix of scale, efficiency, and stickiness across multiple trillion-dollar industries.

Start with e-commerce. Amazon’s scale gives it a cost advantage that smaller rivals simply can’t touch. After pouring tens of billions into logistics, robotics, and AI-driven warehouse optimization, Amazon has turned fast, free delivery from a perk into a baseline expectation. That infrastructure is a huge barrier to entry.

But there’s much more to the story and the big question is whether it can turn you into a millionaire?

Key Points

• Dominates in e-commerce, cloud (AWS), and ads, with scale and stickiness that are hard to beat.

• A 100x return isn’t likely, but solid long-term growth still makes it a smart investment.

• Valuation is attractive, and growth tailwinds in AI, cloud, and logistics support future upside.

The Big Picture

Then there’s Amazon Web Services, the real money-maker behind the scenes. As of early 2025, AWS is responsible for over 70% of Amazon’s total operating income.

Yes, Azure and Google Cloud are growing quickly, but AWS is still the top dog. It powers everything from scrappy startups to massive Fortune 500 companies. And once a business is fully built on AWS, moving elsewhere isn’t just a hassle — it’s costly and risky. That kind of customer loyalty? You can’t put a price on it.

Don’t overlook Amazon’s growing ad business, either. In 2024, Amazon’s ad revenue topped $52 billion more than YouTube and Snap combined. Brands pay a premium to appear in front of ready-to-buy customers, and Amazon is quietly becoming a heavyweight in the digital advertising world.

Toss in network effects whereby more buyers bring more sellers, which bring more selection, which brings more buyers, and the most trusted brand in e-commerce, and it’s clear: Amazon’s moat is wide, deep, and still expanding.

Can $100,000 in Amazon Turn Into $1 Million?

Let’s be honest. That kind of 10x return from here is almost certainly not going to happen anytime soon.

Amazon’s market cap is already around $1.8 trillion. To turn $100,000 into $1 million, the stock would have to rise 1,000% in just 10 years. That would push Amazon’s value to over $18 trillion. Not impossible in theory, but far from the realm of reasonable expectation. However, that doesn’t mean Amazon isn’t a smart buy and here’s why:

Amazon is still growing at a healthy clip. Last year, Amazon’s top line hit $638 billion, up 12% year-over-year. Cloud, ads, international expansion, and AI-powered logistics all have room to run.

Valuation is attractive, too. After falling nearly 15% from its February highs due to recession fears and rising Treasury yields, Amazon is now trading at a price-to-sales ratio that undercuts its historical norm.

Multiple secular trends are tailwinds. E-commerce penetration is expected to keep rising globally. Cloud adoption, especially in emerging markets, is still early-stage. And Amazon’s AI and robotics ambitions, including its recently announced “Sequoia” initiative for fully automated fulfillment centers could turbocharge efficiency and margins over the next decade.

So, Now What?

No, buying $100,000 worth of Amazon stock today probably won’t make you a millionaire within the next decade but that doesn’t mean it isn’t a strong long-term investment.

Amazon has proven it can evolve with and often ahead of technology shifts. It has built one of the most defensible business models in modern history. And right now, investors can buy in at a discount to historical averages, while the company rides several multi-decade trends.

If you’re looking for a stock to anchor your portfolio through the next 10 years and beyond, Amazon still looks like a bet worth making.