- US: 108
- China: 98
- Russia: 70
- Britain: 52
- Germany: 40
- Australia: 35
- France: 34
- Japan: 33
- South Korea: 27
- Italy: 26
- Brazil: 25
- Ukraine: 20
The economists based their estimates on the size of the competing countries' economies and their performance in the last two Olympics.
"In general, the number of medals won increases with the population and economic wealth of the country; but there are exceptions like Jamaica and Kenya," PwC said in the report.
The size of countries' economies was measured by gross domestic product (GDP) at purchasing power parity exchange rates.
"Past Olympic performance is important, reflecting the stronger sporting traditions in some countries and the level of government funding for Olympic sports," PwC said.
"We can see this effect at work in China recently, where state support contributed greatly to their Olympic success in Beijing and London. Sport, it seems, is one area where a planned economy can succeed," PwC Chief Economist John Hawksworth added later in the report.
Being the host nation is also important, according to PwC, with Brazil predicted to perform well despite its dire economic and political straits. The country is seen winning 25 medals, up from 17 in the London Olympics in 2012.