Joseph Schooling, who famously beat his idol Michael Phelps in Rio to become Singapore's first and only Olympic champion, said Tuesday he was retiring from competitive swimming.

Michael Phelps has acknowledged a "small part" in his own dramatic Olympic defeat by Singapore hero Joseph Schooling but bears no grudge.

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