Here's the result if you figure it as the medals per capita based on population.
This is from mercatornet, an Australian/New Zealand website.
Tiny Grenada finished atop the medals per capita table with one silver medal shared amongst the population of just 106,000.
On the medals per capita list the top ten is very different: Grenada, Bahamas, Jamaica, New Zealand (hurrah! it was in fact New Zealand's most successful games in terms of total medals won - 18), Denmark, Croatia, Slovenia, Georgia, Azerbaijan and Hungary. Hardly world powerhouses. In fact Great Britain came 19th on this list and the USA came 42nd. Now they just need to do a list based upon medals per government dollars spent on sports.