The expensive truth behind Joseph Schooling's Olympic gold medal

A coveted first-ever Olympic gold medal and an eternal glory for beating US swimming champion Michael Phelps at the 100-metre butterfly finals – this is what Joseph Schooling, the golden boy of Singapore, has achieved for his country.

The 21-year-old’s road to victory, however, wasn’t an easy or cheap one.

Aside from the hard work and training, how much does it actually cost to produce an Olympic champion? According to financial news site Asia Finance, it is a $1.34 million investment.

This amount is slightly more than double that of what Schooling gets to take home. According to Dollars and Sense, Schooling will get to keep $650,000 of his $1 million prize money, after income tax and a 20 per cent contribution to the National Sports Association are deducted.

Here is Asia Finance’s break down of how much it costs to produce an Olympic champion.

stephluo@sph.com.sg

Hundreds give Joseph Schooling triumphant homecoming at Changi Airport

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The Straits Times, AFP, Reuters, The New Paper, Hannah Alkaff, Lianhe Zaobao, AsiaOne

Crowds gather to catch glimpse of Joseph Schooling on victory parade

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AsiaOne