I would argue that general technological development is generally more important than population. A good example would be ships. Some states have ships with larger crews to circumvent some lack in automation. Other nations have nearly completely automated ships which are only guided and maintained by the crew. This is also the direction RL is going. Most people would not say that China is more powerful than the U.S despite China having a population of 1.4 billion to the U.S’ comparatively measly 333 million.
There’s also a fundamental issue with equating every species to one another. A Sycriûn in Trianar, for instance, has the same mental capacity as a human, but is stronger, faster and more physically resilient, with only a slightly lower lifespan. In that instance, you could say a Sycriûn is “worth” more than a human population, but by the cap’s standards they would be treated the same. This would also hurt people whose species are deliberately weaker or simply reproduce differently (I.E the bugs in Colonus are numerous. They’re a hive mind colony- why should they have the same limits as slower reproducing, less efficient humans?)