Have a look at this: http://www.fifa.com/worldfootball/bigcount/registeredplayers.html
Uruguay is, based on the list and results we've seen in the history of football, the clear top spot. The descendants are in my opinion Portugal, Ivory Coast and the Netherlands.
Argued the other day about which country is producing the best quality of talent considering the size of the league and country. Exemplified: A country with 80 million people is likely going to produce more players than Holland which is less than 20 million people. However, does it have to be so? My vote is that Holland, Portugal and Uruguay currently (and historically) produces the best footballers per capita, but I'd like to hear other opinions, too. Certainly refer to players.