Michael Phelps' only silver medal of the Rio Olympics came at the hands of 21-year-old Singaporean swimmer Joseph Schooling.

Schooling beat Phelps in the 100-meter butterfly, claiming his and Singapore's first gold medal in Olympic history.

And for his achievement, Schooling will be paid handsomely.

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As Stefanie Loh of Seattle Times Sports notes, Schooling just became a millionaire in Singapore.

That's because Singapore tops the rest of the world in prize money for winning a gold medal. According to Fox Sports Australia, athletes who win Olympic gold medals get paid 1 million Singapore dollars for their achievements (roughly $983,000 American).

Comparatively, Americans who win gold get paid $25,000 before taxes.

So, Schooling not only goes down in history as the first gold-medal Olympian from Singapore and the first swimmer to beat Phelps in the 100m butterfly since 2004 — he also is much richer than he was Friday morning.

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Read the original article on Business Insider UK. © 2016. Follow Business Insider UK on Twitter.

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