This post on Sochi medals per capita gave me a thought: how efficient are the different competing countries in producing medalists…?
So I decided to compare the results of Sochi 2014, in terms of Olympic medals, by relating them to each nations GDP per capita. That is, the winner in this ranking is the country that has managed to produce the most olympic medals for the least GDP per capita, or in other words, most medals for each buck…
Turns out Russia is in it’s own league, that has the most efficient medal production machinery, where they manage to produce 1 Olympic medal for each 1000 USD of GDP/C. Many of the traditional winter sport nations, such as Norway, Sweden, Poland, Germany, Canada, Czech repl, Austria etc manage to produce somewhere between 0.18 to 0.35 medals.
The only major surprise is Finland: a very traditional winter sport nation, but has thus far only managed to produce 0.06 medals per each 1000 USD of GDP/C.
The correlation coefficient between Olympic medals and GDP/C is moderate, 0.54