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.

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 $750,000 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.

Correction: This post previously said that 1 million Singapore dollars translates to $983,000 USD.