Bam Adebayo’s Mom

Is going to be okay. Because Bam is getting paid. From ESPN News Services.

“The Miami Heat and Bam Adebayo have agreed to a five-year max extension, Adebayo’s agent, Alex Saratsis, told ESPN’s Zach Lowe. The deal includes escalator clauses that can take its total to $195 million over five years.”

Let’s not forget, social mobility is extremely low in the (dis)United States these days. And if one wants to improve their lot in life, education is still a much safer bet than professional sports. Neither of those two facts mean we can’t celebrate Bam’s and his mother’s changed fortunes.

“Adebayo had told The Associated Press during the NBA’s restart earlier this summer at Walt Disney World that his lone financial goal was to take care of his mother, Marilyn Blount. She raised him by herself in North Carolina, making about $15,000 a year from her multiple jobs and with the family calling a single-wide trailer their home.

‘That competitive nature comes out when I feel like I’m playing bad and when things aren’t going right,’ Adebayo said in the September interview with the AP. ‘I think about how she fought through struggle. … You see that for 18 years straight, you take that load on and feel that responsibility. And my responsibility is to provide for my mom, and the best way to make sure I can do that is to help us win.'”

Consider her provided for.

What Recession?

The World Wealth Report was just released. In 2010, the wealthiest 103,000 people on the planet controlled 36.1% of the world’s wealth up from 35.5% in 2009. The minimum for membership in that club is $30m. Imagine if those 103,000 people’s percentage of world wealth continues increasing .6% annually.

40,000 of the 103,000 are U.S. citizens. The number of “high net worth” people with more than $1m to invest (excluding primary residence, collectible items, and consumable goods) is 10.9m, up 8.3% in 2010. The net worth of those 10.9m peeps is estimated to be $42.7 trillion, up 9.7% in 2010.

The U.S. has the most families with more than $100m, 2,692. China has 393 families with more than $100m, an increase of 30% in 2010.

The number of “high net worth” people in Asia (3.3m) surpassed the number in Europe (3.1m) for the first time. China is fourth behind the U.S., Japan, and Germany.

The wealth train has left the station and it’s rolling. And if we’re to believe the Republicans in Congress, the passengers can’t afford a modest bump in their marginal tax rate.