Joseph Schooling of Singapore poses with his gold medal on August 12, 2016 in Rio De Janeiro, Brazil. [Photo/Agencies]

Singapore: Stunning Phelps, Joseph Schooling wins 100 meters butterfly

In just one performance, Singapore's Joseph Schooling beat swimming great Michael Phelps, took home his city state's first Olympic gold medal and became an instant millionaire.

Schooling, 21, finished the 100 meters butterfly final in an Olympic record time of 50.39 seconds, ahead of his childhood idol Michael Phelps, South Africa's Chad le Clos and Hungary's Laszlo Cseh who all finished in 51.14 seconds for a joint silver.

Known at home for smashing national records and winning multiple titles in regional competitions, Schooling carried the hopes of Singapore, an island nation of less than six million, which has only won two silvers and two bronzes since it joined the Olympic fold in 1948.

Singapore Olympic gold medalist swimmer Joseph Schooling takes a selfie with fans during a homecoming ceremony at Singapore's Changi Airport August 15, 2016. [Photo/Agencies]