
This is an easy transformation of 2D -> 3D cloud. We add another z-dimension by distributing words randomly along z-axis. Get the data:
data = EntityValue[CountryData[], {"Name", "Population"}];
Define a function to add 3rd z-coordinate:
wordcloud3D[data_] := Module[{
pr, wc = WordCloud[data]},
pr = First[PlotRange /. AbsoluteOptions[wc]];
Graphics3D[
First[wc] /. Inset[s_, {x_, y_}] :>
Text[s, {x, y, RandomReal[pr]}],
Boxed -> False, SphericalRegion -> True]
]
wordcloud3D[data]
This will produce the image above.