Forget sports cars, designer clothes and fancy apartments. An ancient breed of dog has nuzzled its way into the running to be the next big status symbol for China's rich.

An 11-month-old Tibetan mastiff male puppy has gained the title of the world's most expensive dog after being bought for 10 million yuan ($1.5 million), London's Daily Telegraph reported.

A Tibetan mastiff. Credit:Getty

It was purchased for this large sum by a coal baron from the north of China who will reportedly use him as stud for other breeders, making as much as 100,000 yuan each time.

Kathryn Hay breeds Tibetan mastiffs in Tasmania and has travelled to China to visit their exclusive mastiff kennels.