Joseph Schooling will take home more than just a gold medal following his historic victory in the men’s 100m butterfly, with the swimming sensation also bagging a bonus of $1million Singapore dollars from the Singapore government.
Schooling saw off the challenge of among others the legendary Michael Phelps to win gold in Rio on Friday night, and he certainly had plenty to celebrate.
While it’s a gold medal and the realization of a childhood dream that were likely to be at the forefront of the 21-year-old’s mind when he touched the wall first, becoming a millionaire will certainly make the moment sweeter.
Joseph Schooling is about to become a millionaire. He gets $1 million SGD from the govt as reward for the gold medal.
— Stefanie Loh (@StefanieLoh) August 13, 2016
Bonuses for gold medals are standard practice at the Olympics, but the Singapore government certainly gave their athletes plenty of incentive with what is reported to be the biggest gold-medal bonus on offer at the Games.
Gold-medal bonuses at Rio
(In US dollars)
South Africa $36,000
United States $25,000
Schooling can consider himself fortunate that he will be able to net the bonus though, with regulations at the University of Texas where he is currently a student having previously prevented amateurs from receiving such rewards.
Schooling will have to give 20 per cent of his winnings to the Singapore Swimming Association, but he’ll still be left with a sizable reward for his efforts.