"There's no doubt New Zealand punches well above its weight."
At the London Olympics, New Zealand won six gold medals, two silver, and five bronze.
In the traditional medal rankings, this placed New Zealand 15th overall. But in the population-based rankings, New Zealand was behind only Grenada, Jamaica and the Bahamas who came first, second and third.
New Zealand's population has grown from 4.4 million at the last Olympics to an estimated 4.7 million today.
"For its size, or even in the traditional rankings, New Zealand produces some of the best sportsmen and women in the world," said Dunstan.
New Zealand ranked 7th at the 2008 Beijing Olympics and 15th at the 2004 Athens games using the per-capita system rather than 23rd and 44th on the traditional medal tally.
New Zealand has medal prospects across a range of sports including rowing, canoeing, sailing, shot-putt, golf and rugby sevens.
Statistics NZ will also do a similar ranking for the Rio 2016 Paralympic Games that run from September 7 to 18.
The population-based ranking tables will be updated each weekday at 2pm from August 8. Go to www.stats.govt.nz to see the results.