Jamaica tops the table, Team GB finish seventh with China in last place.
The surprise result sees Croatia finishing second in the table with 1 gold medal per 800,000 citizens and Hungary finishing third with 1 gold medal per 1.3 million citizens.
New Zealanders will be excited to find themselves in joint third place, also with 1 gold medal per 1.3 million citizens.
In a disappointing result, China find itself at number 21 in the top 21 countries with 1 medal per 53.8 million citizens.
Economist, Nick Langston-Able (Associate Lecturer at a leading UK university) who carried out the research commented:
"It is fascinating to look at how the gold medal performance of different countries changes once you take into account the relative populations of those countries.
"Jamaica has performed brilliantly- for every 500,000 people in Jamaica there is a gold medal winner.
"The performance of China, with its population of 1.4 billion looks less impressive with a gold medal winner for every 53.8 million people.
"If population and gold medals were directly linked then China should have one over 100 times more gold medals than Jamaica did and around 20 times more than Team GB did.
"So Team GB can still be very proud but I would imagine the Kiwis will take some satisfaction from this result!"
Countries with relatively large populations which did not feature in this table and so have very much under-performed include India, Mexico, Indonesia and Turkey.
Here are the full results of the top 21 gold medal winning countries when adjusted for population size:
|Country||Gold Medals||Population (millions)||Population per medal (millions)|
Further analysis has also been done looking at gold medal performance in comparison to the size of each country's GDP (Gross Domestic Product - the amount each country produces in a year and a common measurement of the economic size of a country). See here.