This Millionaire Cheesecake is my indulgent answer to every holiday gathering and special celebration. I discovered this combination years ago while riffing on a salted caramel bar; the moment the buttery shortbread met a velvety caramel swirl and a dense, tangy cheesecake I knew I had something unforgettable. The contrast of textures—the crumbly, slightly crisp base, the smooth, rich filling, the sticky caramel, and finally the glossy chocolate top—creates a luxurious slice that tastes like a bakery masterpiece at home.

I first served this at a family birthday and watched the room go quiet with the first bite—then heard a chorus of compliments. It’s a project dessert: it asks for time and patience, but rewards you with showstopping results. The technique is straightforward: make the caramel, press and bake a shortbread crust, mix a low-speed cheesecake batter to avoid cracks, and finish with a shiny ganache. Make it the day before you need it for best flavor and clean slices every time.

Ingredients

• Caramel Topping: 1 (14-oz) can sweetened condensed milk, 1/2 cup (1 stick) unsalted butter cut into chunks, 1/2 cup packed light brown sugar, 1/4 cup light corn syrup, 1/2 teaspoon fine salt, 1 teaspoon vanilla extract or vanilla bean paste. The sweetened condensed milk gives a thick, glossy caramel without the long scratch-cooking of traditional caramel; use a quality brand for the best flavor.
• Shortbread Crust: 1/2 cup (1 stick) unsalted butter at room temperature, 1 cup all-purpose flour, 1/4 cup powdered sugar, 1/4 teaspoon fine salt. This mixture presses into an even, buttery base—use European-style butter for extra richness.
• Cheesecake Filling: 1 1/3 cups granulated sugar, 2 tablespoons cornstarch, 4 (8-oz) packages full-fat cream cheese at room temperature, 4 large eggs at room temperature, 2/3 cup full-fat sour cream, 1/2 cup room-temperature caramel topping (from above), 1 teaspoon vanilla extract. Room-temp dairy blends smoothly; Philadelphia brick-style cream cheese yields the best texture.
• Chocolate Ganache: 1/2 cup heavy cream, 2/3 cup dark or semi-sweet chocolate chips (use high-quality chips or chopped chocolate), 2 tablespoons unsalted butter, 1 tablespoon light corn syrup (optional, for shine), 1/4 teaspoon fine salt. For milk-chocolate ganache, increase chocolate to 2 cups chopped or chips for melt ratio and adjust sweetness.
• Garnish (optional): Flaky sea salt for finishing—just a light sprinkle to balance the sweetness and add texture.

Instructions

Make the Caramel: Place the sweetened condensed milk, butter, brown sugar, corn syrup, and salt in a heavy saucepan over medium heat. Stir constantly until the mixture begins to bubble around the edges (or reaches 212°F on a candy thermometer), then turn the heat down to low. Simmer, stirring frequently, until the mixture thickens and takes on a medium caramel color, about 8–12 minutes; you should be able to drag a spatula and briefly see the pan bottom. Remove from heat and stir in vanilla. Transfer to a bowl to cool to room temperature. Prepare the Shortbread Base: Preheat oven to 350°F. Spray an 8-inch springform pan and line the bottom with parchment. Combine butter, flour, powdered sugar, and salt with a fork or pastry cutter until a soft dough forms. Press evenly across the pan bottom, prick with a fork, and bake 22–25 minutes until edges just turn golden. Cool on a rack. Lower oven to 300°F and place a rimmed baking sheet with ~1 inch of water on the lower rack to create a humid environment for baking the cheesecake. Make the Filling: Whisk sugar and cornstarch to prevent lumps. Beat softened cream cheese on low speed until smooth, gradually adding the sugar/cornstarch blend. Scrape the bowl often. Lightly whisk eggs and add them in batches on low speed to avoid incorporating air. Mix in sour cream, 1/2 cup room-temperature caramel, and vanilla until just combined. Do not overbeat. Assemble and Bake: Pour batter into the cooled crust. The 8-inch pan will be full—don’t worry. Bake at 300°F for 20 minutes; without opening the door, lower to 225°F and continue baking for 2 hours. Turn oven off and let the cheesecake sit inside for 1 hour to cool slowly. Remove and cool to room temperature, then cover and refrigerate 3–4 hours or overnight for best texture. Make the Ganache: Warm heavy cream until it just begins to bubble (about 45 seconds in the microwave). Pour over the chocolate chips in a heatproof bowl, let sit 1 minute, then stir until smooth. Add butter, corn syrup, and salt; stir to combine. Cover and cool to room temperature so it thickens slightly before topping the chilled cheesecake. Decorate and Serve: Release the chilled cake from the pan. Spoon the room-temperature caramel over the top and smooth; chill 10 minutes to set. Spread the ganache over the set caramel. Sprinkle with flaky sea salt if desired. Use a warm, dry knife for clean slices—dip a sharp knife in hot water, dry thoroughly between cuts.

Storage Tips

Store the chilled whole cake, covered tightly with plastic wrap and a loose layer of foil, in the refrigerator for up to 7 days. For individual slices, use airtight containers with parchment between layers to avoid sticking. To freeze long-term, freeze the assembled, uncut cake until firm (about 3 hours), transfer to a cake board, wrap twice in plastic, then foil. Thaw in the fridge overnight; add the final caramel and ganache just before serving for best texture. Reheat slices gently at room temperature for 20 minutes before serving to bring out flavors.

Ingredient Substitutions

Want different flavor profiles? Swap half the granulated sugar in the filling for superfine sugar for quicker integration. Use dulce de leche in place of homemade caramel if short on time—heat it briefly to loosen. For a gluten-free base, substitute a gluten-free all-purpose flour blend cup-for-cup or use ground digestive biscuits (about 10–12 ounces) mixed with 4 tablespoons melted butter. For a lighter ganache, use milk chocolate and reduce heavy cream to 1/3 cup; increase chocolate weight for proper setting.

Serving Suggestions

Serve slices slightly chilled with a dollop of lightly whipped cream or a scoop of vanilla bean ice cream for contrast. Garnish with flaked sea salt and finely grated orange zest for brightness, or add toasted pecans for crunch. This dessert pairs beautifully with strong coffee or a nutty tawny port. For a party, serve small wedges alongside espresso shots and berries to cut richness and add color to your dessert table.

Cultural Background

While this layered confection doesn’t have a strict historical origin, it borrows elements from classic American and European patisserie techniques: a shortbread-like crust reminiscent of British biscuits, a dense American-style baked cheese filling, and the caramel-and-chocolate combination often associated with luxury confections. The name evokes the decadent “millionaire’s shortbread” bars—shortbread topped with caramel and chocolate—and this version translates that concept into a celebratory American baked cheesecake format.

Seasonal Adaptations

Winter: add warm spices to the crust (1/2 teaspoon cinnamon and 1/8 teaspoon nutmeg). Summer: top slices with macerated berries to cut richness. Holiday: fold 2 tablespoons of bourbon into the caramel for depth and warm aroma. For a lighter spring iteration, swap half the caramel for a lemon curd layer to introduce acidity and brightness.

Meal Prep Tips

Break the work over two days: Day 1—make and cool the caramel and crust; Day 2—mix and bake the filling, cool overnight, and add caramel and ganache the day you serve. Use an 8-inch springform pan for the richest slices; if you’re short on oven time, convert to bars (instructions above) and reduce baking time. Label containers with dates and keep enough fridge space so the cake chills flat and evenly.

This cheesecake is a labor of love: the payoff is spectacular layers of texture and flavor that make any occasion feel special. Take your time, use quality ingredients, and enjoy the applause when you bring it to the table.