RIO DE JANEIRO (AP) – Singapore swimmer Joseph Schooling left Rio de Janeiro known as the man who defeated Michael Phelps. And as a millionaire.
In addition to winning the gold medal after beating Phelps with an Olympic record in the 100 meter butterfly, the 21-year-old Schooling also took home a reward of 1 million Singaporean dollars (about US $750,000) from his national Olympic committee.
Singapore was among the many countries offering hefty cash prizes to their medalists at the Rio Games, a practice that has become more common as nations continue to give greater importance to the final medal count.
Few pay nearly as much as Singapore, but almost every country has been awarding at least some sort of prize money to medal winners in an attempt to improve their position in the medal table. The bonuses usually come through the national committees, sponsors or national governments. Some also give out non-cash prizes such as cars and apartments.
Twenty percent of Schooling’s prize will go to the local swimming association for “future training and development,” Singapore’s national committee said. Schooling’s gold was the first ever for Singapore at the Olympics.