Sony RX1R II has a 42.0MP Full frame (35.9 x 24 mm ) sized BSI-CMOS sensor and features BIONZ X processor. On the other hand, Olympus 550WP has a 10.0MP 1/2.3" (6.08 x 4.56 mm ) sized CCD sensor .
Sony RX1R II's sensor provides 32MP more than Olympus 550WP'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.
Another difference between these two cameras is that Sony RX1R II's sensor lacks anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moire occurring in certain scenes.
Below you can see the RX1R II and 550WP sensor size comparison.
As seen above, Sony RX1R II has a 31.1x Larger sensor area than Olympus 550WP. 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.