The Medals Per Million rankings have, since time immemorial, been established entirely on the basis of total medals earned, adjusted to represent size of population - regardless of the metallurgical content of the neck candy.
However, there is one other measure of Olympic achievement which has also been adopted by the IOMPMC. The Calderwood Ranking (popularly known as "The Schmolds") was first given official sanction at the end of the 2012 London Games. Based on the official IOC rankings, which take only gold medals into account as "wins," the Calderwoods consider how many gold medals were won per 1,000,000 citizens in each winning nation.
Here are the results.