So, everyone here, I'm sure, is familiar with the "Medals Table", in which we have our unofficial "all-Olympics" scorecard. For example, currently:

1) China   22 G 8 S 5 B 35 total
2) USA      10 G 9 S 15 B 34 total
3) South Korea 6 G 7 S 3 B 16 total
4) Australia 5 G 4 S 7 B 16 total

...and so on.

Now, this is clearly patently unfair, as two of the top four countries are in the top 3 in world population, and could therefore expect to dominate. (The other one, India, has added 1 gold to the total, accounting for 70 medals for the top 3 countries.)

So I decided, what the heck? Let's see how it works out if you do it in people per medals. (Or people per medal points, to give extra value to gold, silver, and bronze medals.)

Our new top 3 in each category:

In millions of people per medal:
1) Armenia, .75
2) Georgia, 1.31
3) Australia, 1.33

And in millions of people per medal point (3 for gold, 2 for silver, 1 for bronze)
1) Australia, .57
2) Georgia, .70
3) Armenia, .75

Clearly, from this, we can draw two conclusions:

a) Much to any non-Australian cricket fan's annoyance, clearly the Aussies do have something going on, being the only people to appear in the top three of both lists, and
b) the region around the Black and Caspian seas is clearly home to the greatest concentration of athletic talent in the world. ;)

(P.S. -- of the other leaders, the U.S. is 29th and 37th of 52, China is 42nd and 40th, and South Korea is 13th and 11th. This explains why these rankings will never catch on. ;) )