Raced over a 14 nautical mile (26 km) course, the Dragon event was quite close, with Sweden and Denmark tying with 5,723 points. Denmark had more total points, with 6,250 to Sweden’s 6,074, but in this era the tie-breaker was first the number of races won, and Sweden had won three races, while Denmark had only won the first race. Denmark led from the second race through the sixth, but the Swedish victory in the final race proved decisive. Swedish helmsman Folke Bohlin had won a silver medal in the Dragon in 1948, while Danish helmsman Ole Berntsen was just behind him with the bronze. Berntsen would return in 1964 and win the gold medal in the Dragon at Tokyo.
| Pos | Competitors | NOC | Points | Race #1 | Race #2 | Race #3 | Race #4 | Race #5 | Race #6 | Race #7 | | | |
|---|
| 1 | Slaghoken II |  SWE | 5,723 | 402 (8) | 1,004 (2) | 1,305 (1) | 402 (8) | 351 (9) | 1,305 (1) | 1,305 (1) | Gold | | |
| Folke Bohlin • Bengt Palmquist • Leif Wikström |
| 2 | Tip |  DEN | 5,723 | 1,305 (1) | 703 (4) | 703 (4) | 1,004 (2) | 1,004 (2) | 1,004 (2) | 527 (6) | Silver | | |
| Ole Berntsen • Christian Robert von Bülow • Cyril Andresen |
| 3 | Bluebottle |  GBR | 4,547 | 703 (4) | 226 (12) | 402 (8) | 1,305 (1) | 527 (6) | 606 (5) | 1,004 (2) | Bronze | | |
| Graham Mann • Jonathan Janson • Ron Backus |
| 4 | Pampero |  ARG | 4,225 | 828 (3) | 402 (8) | 1,004 (2) | 460 (7) | – (DNF) | 828 (3) | 703 (4) | | | |
| Jorge Alberto Salas • Arnoldo Pekelharing • Boris Belada |
| 5 | Paula |  AUS | 3,769 | 1,004 (2) | 305 (10) | 159 (14) | 703 (4) | 703 (4) | 703 (4) | 351 (9) | | | |
| Graham Drane • Brian Carolan • Jim Carolane |
| 6 | Aretusa |  ITA | 3,404 | – (DQ) | 1,305 (1) | 828 (3) | – (DNF) | 460 (7) | 351 (9) | 460 (7) | | | |
| Sergio Sorrentino • Annibale Pelaschier • Piero Gorgatto |
| 7 | Pan II |  NOR | 3,253 | 460 (7) | 606 (5) | 351 (9) | 606 (5) | 402 (8) | 305 (10) | 828 (3) | | | |
| Thor Thorvaldsen • Bjørn Oscar Gulbrandsen • Carl Otto Svae |
| 8 | Tomahawk II |  CAN | 3,186 | 527 (6) | 460 (7) | 305 (10) | 264 (11) | 828 (3) | 460 (7) | 606 (5) | | | |
| Clifford Howard • Dave Howard • Don Tytler |
| 9 | Spirit III |  USA | 3,151 | – (DNF) | 264 (11) | 264 (11) | 527 (6) | 1,305 (1) | 527 (6) | 264 (11) | | | |
| Gene Walet, III • Carlos Echeverria • Danny Killeen • Gene Walet, Jr. |
| 10 | Gustl XI |  GER | 2,922 | 606 (5) | 527 (6) | 606 (5) | 351 (9) | 606 (5) | – (DNF) | 226 (12) | | | |
| Theodor Thomsen • Erich Natusch • Georg Nowka |
| 11 | Neptun II |  URS | 2,157 | 226 (12) | 828 (3) | 460 (7) | 191 (13) | 226 (12) | 226 (12) | 191 (13) | | | |
| Ivan Matveyev • Andrey Mazovka • Pyotr Tolstikhin |
| 12 | Red Dragon |  NZL | 2,015 | 351 (9) | – (DQ) | 129 (15) | 828 (3) | 305 (10) | – (DQ) | 402 (8) | | | |
| Robert Stewart • Bert Cuthbertson • William Swinnerton |
| 13 | Canopus |  POR | 2,002 | 191 (13) | 351 (9) | 527 (6) | 226 (12) | 191 (13) | 402 (8) | 305 (10) | | | |
| Bernardo, Conde de Almeida • Carlos Lourenço • Sérgio Marquis |
| 14 | Xantippa |  FIN | 1,409 | 305 (10) | 191 (13) | 226 (12) | – (DNF) | 264 (11) | 264 (11) | 159 (14) | | | |
| John Flinkenberg • Joel Jahn • Tor-Kristian Lindh |
| 15 | Pam |  BER | 1,149 | 264 (11) | 129 (15) | 101 (16) | 305 (10) | 159 (14) | 191 (13) | 101 (16) | | | |
| Brownlow Eve • Jimmy Kempe • Bernard Ward |
| 16 | Rika II |  SGP | 926 | 159 (14) | 159 (14) | 191 (13) | – (DNF) | 129 (15) | 159 (14) | 129 (15) | | | |
| Ned Holiday • Keith Johnson • Kenneth Golding • Robert Ho |
