Global seismic wavespeed models are routinely parameterized in terms of spherical harmonics, networks of tetrahedral nodes, rectangular voxels, or spherical splines. Up to now, Earth model parametrizations by wavelets on the three-dimensional ball remain uncommon. Here we propose such a procedure with the following three goals in mind: (1) The multiresolution character of a wavelet basis allows for the models to be represented with an effective spatial resolution that varies as a function of position within the Earth. (2) This property can be used to great advantage in the regularization of seismic inversion schemes by seeking the most sparse solution vector, in wavelet space, through iterative minimization of a combination of the `2 (to fit the data) and `1 norms (to promote sparsity in wavelet space). (3) With the continuing increase in high-quality seismic data, our focus is also on numerical efficiency and the ability to use parallel computing in reconstructing the model.