The stock market is a great way to build long-term wealth. With countless approaches available, navigating the world of investing can feel overwhelming.

But one method that stands out is buying shares of dividend-paying companies, which -- over lengthy periods -- have consistently outperformed peers that don't pay dividends.

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A study by Hartford Funds showed that, over a 50-year span ending in 2023 -- a period covering the last four recessions -- dividend-paying stocks have delivered an annual return of 9.17%; stocks without dividends delivered 4.27% in comparison. Furthermore, dividend payers exhibit less volatility than their counterparts, making them an appealing choice for those seeking stability alongside growth.

A deeper dive into the report, titled The Power of Dividends: Past, Present, and Future, shows that companies that raise or initiate dividends perform even better, delivering 10.2% annually with even less volatility.

If you're looking for income and solid long-term returns, here are five excellent dividend stocks that have raised their dividends over the past four recessions or longer.

S&P Global

S&P Global (NYSE: SPGI) plays an important role in credit markets, assessing the creditworthiness of companies, governments, or other entities.

It enjoys a massive competitive advantage because credit-rating agencies have long-established reputations. And stringent regulatory barriers make it difficult for newer entrants to break into the space. For that reason, S&P Global dominates the credit-rating market with a 50% share.

On top of its ratings business, it also has a data and analytics business that provides steady cash flow. Its diverse income base and long history of cash management have made S&P Global a reliable dividend payer that has increased its annual payout over each of the last 52 years.

Cincinnati Financial

Cincinnati Financial (NASDAQ: CINF) benefits from steady demand for its insurance products and has been able to grow alongside the expanding economy. Thanks to the insurer's pricing power, it can also adapt to inflationary pressures like those in the past few years.

The company benefits from higher interest rates because insurers invest their cash in safer fixed-income investments with higher yields (relative to the 2010s decade), which helps it produce higher income. Last year's investment income of $894 million was up 21% compared to 2021.

Its pricing power and growth in different market environments are why the company has managed to grow its dividend annually over the last 64 years (across nine recessions), making it another excellent dividend stock you can count on.