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This question already has an answer here:

I'm creating a world map using ArcMap. I want to style the label in such a way that their name should be displayed as the attribute value. For example if I'm using population data then the China's font should be largest then other

marked as duplicate by aldo_tapia, Kazuhito, whyzar, FelixIP, BERA Jan 25 '18 at 19:59

This question has been asked before and already has an answer. If those answers do not fully address your question, please ask a new question.

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This has been answered here: How to create label with variable size in ArcMap?. In short, use a label expression to set the text size equal to your population values.

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