It is perfectly understandable if government creates 100% more money when population goes up 100% to keep prices stable. But it is unjustifiable if government creates much more. It should be considered as abuse of its power to create money and dishonest and dangerous behavior.
Here is the growth of american population in milions, source: tradingeconomics.com:
If you divide population growth curve by its initial value, you will get curve showing how many times has number of people increased since than (population growth rate):
American population went up 57% from 1970 to 2016, but M2 went up 2000%, so I do not adjust US data for population, because results are nearly identical. There is not much difference if you divide something by 20.0 or 19.43 (2000% minus 57%).
If you want to see any asset price adjusted for M2 & population, you have to deduct population-growth-rate from M2-money-supply-growth-rate and then divide asset price curve by this curve. That is what I call “population adjusted”.