I am afraid Iceland is not the holder of the most Nobels per capita (QI Christmas Special I 15 120) it is actually fourth behind St Lucia, Switzerland and Sweden! St Lucia with a population of only 167,000 has two laureates one in Literature and one in Economics (not even a "funny one" like Peace!).
I have a spread sheet of all Nobels awarded listed by discipline and country showing the per capita achievement. A little obsessive I recognise but I got fed up working in Silicon Valley and being constantly told they held the most Nobel prizes - it was my way of proving them wrong! I have maintained it over the years so if any elf wants a copy e-mail me!