No, that particular algo doesn't yet include size (population, area, etc.)
Discussions afoot.
What would a good algo look like?
Discussion
Something like this...
E: Number of establishments
P: Population
T: Territorial area (km²)
C: Number of communities
U: Updates
E: Events
Level of bitcoinization in the country or dependency:
E × 1000/P × 1/T × 100 + C + U + E