Through 14 August, the United States has won the most medals with 40 and China has won the most gold medals with 22.
China with 51 gold medals.
According to the link on http://happyamsguy.blogspot.com/2008/08/singapore-pays-most-for-olympic-medals.html, it states the countries paying for Olympics Gold medal.
Michael Phelps
China won the most medals.
USA
Michael Phelps of the US has the most olympic gold medals (14 total in 2004 and 2008) and the most medals by a male athlete (16 including his 2 bronze medals).
Most decorated swimming, most Olympic gold medals all time, and most Olympic Gold medals in a single game.
USA with 110 Medals China with 50 gold Medals
Countries did not compete, individuals did. Nor were medals awarded.
GRant hackett
china?
Michael phelps