I believe it's 125.
121
usa
More than half did not win any medals and only a quarter of the 204 countries won more than 2 medals
By August 8 2012 75 have won some of the 676 medals awarded
There were 204 countries participating in the Olympic games in which 86 of these won medals
three medals are made for Olympics
Number of medals won at the Beijing Olympics: 41 medals
Total of 85 countries got medals at the 2012 Olympics ranging from a total of 1 to 104 medals.
Many countries had athletes that did not get past the qualification rounds to compete for the medals
Refer to "How many medals can be won by female swimmers at the olympics?"
204 countries in 302 events from 26 sports and 39 disciplines with over 10,0000 athletes winning 962 Medals including 302 Gold Medals 304 Silver Medals and 356 Bronze Medals
The 1976 Montreal Olympics were boycotted by 23 Third World countries. It was not one of Australia's greatest Olympic years with 1 silver and 4 bronze medals.