Canon G16 has a 12.0MP 1/1.7" (7.44 x 5.58 mm ) sized BSI-CMOS sensor and features Digic 6 processor. On the other hand, Canon G5 X has a 20.0MP 1" (13.2 x 8.8 mm ) sized BSI-CMOS sensor and features DIGIC 6 processor. Canon G5 X's sensor provides 8MP more than Canon G16's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the G16 and G5 X sensor size comparison.
As seen above, Canon G5 X has a 2.8x Larger sensor area than Canon G16. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.