This Millionaire Cheesecake has been a showstopper at holiday tables and birthday parties in my family for years. I first discovered this layered approach while trying to combine two of my favorite sweets — a silky baked cheesecake and the caramel-chocolate duo of a millionaire's shortbread. The result is indulgent but balanced: a crisp, buttery shortbread base that gives structure, a baked caramel-swirled filling that's velvety and slightly tangy, and a glossy chocolate ganache crowned with a sprinkle of flaky sea salt. I remember bringing this to a winter gathering the first time I made it; the whole room went quiet with the first bite, then erupted into compliments and requests for the recipe.

What makes this version special is attention to technique: room-temperature dairy for a lump-free batter, low-and-slow baking in a water-bath environment to prevent cracks, and a cooked caramel that has body but remains spreadable. The layers work together — the crunch of the crust, the creamy mid-layer flecked with caramel, and the bittersweet ganache — each bite is a contrast of textures and flavors. If you have time and want to make something memorable, this is the dessert to choose. I write this from the vantage of someone who loves to serve food that creates memories; this cheesecake almost always steals the show.

Ingredients

• Caramel topping: 1 (14-ounce) can sweetened condensed milk, butter, brown sugar and corn syrup cooked together create a caramel that is glossy, spreadable, and stable at room temperature. Choose a good-quality condensed milk; it provides the sweet, milky backbone.
• Shortbread crust: Simple combination of 1/2 cup unsalted butter, 1 cup all-purpose flour and powdered sugar yields a tender, buttery foundation. Use European-style butter if you want a richer flavor.
• Cheesecake filling: Four 8-ounce packages of full-fat cream cheese, granulated sugar and a little cornstarch for structure produce a dense, silky baked filling. Full-fat cream cheese gives the right mouthfeel — I usually reach for Philadelphia bricks for consistent results.
• Sour cream and eggs: Add tang and stability; make sure eggs and sour cream are at room temperature so the batter emulsifies smoothly.
• Chocolate ganache: Heavy cream and good-quality dark or semi-sweet chocolate chips make an indulgent finish. Butter and a touch of corn syrup give shine and a smooth pour.
• Garnish: Flaky sea salt is optional but highly recommended — it brightens the caramel and chocolate and adds a professional finish.

Instructions

Make the caramel topping: In a heavy saucepan over medium heat combine the 14-ounce can of sweetened condensed milk, 1/2 cup butter cut into chunks, 1/2 cup packed light brown sugar, 1/4 cup light corn syrup, and 1/2 teaspoon fine salt. Stir frequently until the mixture begins to bubble at the edges, then reduce heat to low and simmer, stirring often, until it thickens to a medium caramel color (about 8–12 minutes). If using a candy thermometer, aim for 212°F (100°C). Remove from heat and stir in 1 teaspoon vanilla. Transfer to a bowl and cool to room temperature. Prepare the shortbread crust: Preheat oven to 350°F. Butter and parchment-line an 8-inch springform pan. In a bowl, cut together 1/2 cup room-temperature butter, 1 cup all-purpose flour, 1/4 cup powdered sugar and 1/4 teaspoon fine salt until a soft dough forms. Press evenly into the bottom of the pan, prick with a fork, and bake 22–25 minutes until edges just start to brown. Remove and cool on a rack. Lower oven to 300°F and place a rimmed baking tray with about 1 inch of water on the bottom rack. Mix the cheesecake filling: Whisk together 1 1/3 cups granulated sugar and 2 tablespoons cornstarch. Beat 4 (8-ounce) packages room-temperature cream cheese with the sugar mixture on low until smooth, scraping the bowl. Whisk 4 large eggs together and add gradually on low speed. Mix in 2/3 cup full-fat sour cream, 1/2 cup of the cooled caramel (reserve extra for topping), and 1 teaspoon vanilla until just combined. Avoid overbeating to prevent cracks. Assemble and bake: Pour batter into the cooled crust. Place the springform on a large baking sheet and bake at 300°F for 20 minutes. Without opening the oven, reduce temperature to 225°F and bake an additional 2 hours. Turn oven off and let cheesecake sit undisturbed in the oven for 1 hour. Remove, cool to room temperature, then cover and refrigerate 3–4 hours or overnight for best texture. Prepare ganache while cooling: Warm 1/2 cup heavy cream until just bubbling. Pour over 2/3 cup dark chocolate chips in a bowl and let sit 1 minute, then stir until smooth. Stir in 2 tablespoons butter, 1 tablespoon corn syrup (optional) and 1/4 teaspoon salt. Cover to prevent skin and cool to room temperature. Decorate and serve: Release cheesecake from pan. Spread the remaining room-temperature caramel over the top, chill 10 minutes to set, then pour and smooth the ganache. Sprinkle flaky sea salt if desired. Use a sharp warm knife to cut clean slices and serve chilled.

Storage Tips

Store slices or the whole cheesecake in an airtight container in the refrigerator for up to 1 week. If you make the cheesecake in advance, wait to add the caramel and ganache until the day of serving for the best presentation. For freezing, cool completely, release from the pan, and freeze the whole cake until firm (about 3 hours). Wrap in plastic and foil, then transfer to the fridge overnight to thaw before decorating. Use shallow, airtight containers for individual slices to make thawing quicker and maintain texture.

Ingredient Substitutions

If you need to adapt components: for a gluten-free base use a 1:1 gluten-free baking flour or substitute crushed gluten-free shortbread or graham crackers with a bit more melted butter. Swap dark chocolate for milk chocolate in the ganache for a sweeter finish — increase chocolate volume slightly for milk chocolate to maintain structure. To reduce sugar slightly, use a touch less brown sugar in the caramel and a reduced-sugar chocolate, though texture and set may shift. For a lighter finish, replace some sour cream with full-fat Greek yogurt, but expect a slightly tangier profile.

Serving Suggestions

Serve chilled slices with an extra drizzle of warmed caramel, a sprinkle of toasted chopped pecans, or a dollop of whipped cream for a classic presentation. For a party, cut smaller portions and garnish individually with sea salt flakes and a chocolate curl. Pair with a bold coffee or a dessert wine; the cheesecake’s richness plays beautifully with an espresso or tawny port.

Cultural Background

The layered caramel-chocolate concept is inspired by British "millionaire shortbread" — a shortbread base topped with caramel and chocolate. Combining that heritage with the American-style baked cream cheese tart creates a dessert that blends two comforting traditions: buttery British confection and the classically American baked cheesecake. Over time, bakers have layered these textures to create modern celebratory desserts full of nostalgia.

Seasonal Adaptations

In autumn, fold a teaspoon of ground cinnamon into the crust or a tablespoon of pumpkin purée into the filling for a seasonal spin. For winter holidays, top with candied orange peel or crushed peppermint. Summer adaptations could include a thin layer of berry compote between caramel and ganache to add bright acidity that cuts the richness.

Meal Prep Tips

Break the process into three stages: make caramel up to a day ahead, bake the crust and filling on the day you plan to serve, and finish with ganache the morning of service. Use clear labels on stored components so you know what needs warming to room temperature before assembly. Refrigerate the finished cake uncovered for 15 minutes before wrapping to avoid condensation that dulls the ganache shine.

There’s genuine joy in watching people gather around a dessert like this — it invites conversation, second helpings, and those little exclamations that mean you’ve done something right. Make it for a crowd, and don’t be surprised when it becomes the requested centerpiece for future celebrations.