This Millionaire Cheesecake has been my showstopper for celebrations and quiet Sunday dinners alike. I first developed this layered dessert one winter when I wanted something that combined a sturdy, buttery shortbread base with the lush silkiness of baked cream cheese and the indulgence of homemade caramel and chocolate. The result is a dessert that always feels luxurious but is surprisingly manageable if you prepare in stages. The shortbread gives a firm, slightly crumbly foundation, the baked filling is creamy and smooth, and the caramel and ganache layer on top give every bite a rich, textural contrast that guests always comment on. I discovered the balance between the caramel and the cheesecake during a long weekend of testing. Early batches had caramel that ran or ganache that was too thin; once I adjusted the caramel to cook just long enough to thicken and allowed proper cooling times, everything came together. This version produces 16 generous slices, and the texture is reliably silky if you maintain room temperature ingredients and respect the low-and-slow baking method. It is one of those desserts that tastes far more complicated than the effort required, and I love it because it keeps well and can be made ahead for stress-free entertaining.

Ingredients

• Caramel Topping: A full 14-ounce can of sweetened condensed milk gives a creamy, stable base for the caramel. Use a good-quality brand for the best flavor and a smooth finish when cooked with butter, brown sugar, and corn syrup.
• Shortbread Crust: Simple and sturdy, made with 1 cup all-purpose flour, 1/2 cup unsalted butter, and powdered sugar. Look for European-style butter for a richer flavor; press firmly into the pan to bake an even base.
• Cream Cheese Filling: Four 8-ounce blocks of full-fat cream cheese are essential for structure and creaminess. I recommend regular Philadelphia cream cheese for predictable texture. Room temperature blocks whip more smoothly and reduce lumps.
• Sour Cream: Two-thirds cup full-fat sour cream adds tang and silkiness to the filling. It lightens the texture and prevents the filling from becoming too dense.
• Chocolate Ganache: Use 2/3 cup dark or semi-sweet chocolate chips and 1/2 cup heavy cream for a glossy, sliceable topping. Add a tablespoon of corn syrup to increase shine and spreadability if desired.

Instructions

Make the Caramel Topping: Combine one 14-ounce can sweetened condensed milk, 1/2 cup unsalted butter, 1/2 cup packed light brown sugar, 1/4 cup light corn syrup, and 1/2 teaspoon fine salt in a heavy saucepan over medium heat. Stir frequently and bring just to a gentle boil, or 212 F if using a thermometer. Reduce heat to low and simmer, stirring, until the mixture thickens to a medium amber color, about 8 to 12 minutes. You want the caramel to coat the spatula and drag a line where you swipe it. Remove from heat and stir in 1 teaspoon vanilla, then cool to room temperature. Prepare the Shortbread Crust: Preheat oven to 350 F. Butter or spray an 8-inch springform pan and line the base with parchment. Cut 1/2 cup cold unsalted butter into 1 cup all-purpose flour, 1/4 cup powdered sugar, and 1/4 teaspoon salt until it forms a soft dough. Press evenly into the pan, prick with a fork, and bake 22 to 25 minutes until the edges just begin to brown. Remove and cool on a rack. Reduce oven temperature to 300 F and place a tray with 1 inch of water on the lower rack to create a humid environment for the cheesecake. Mix the Filling: Whisk together 1 1/3 cups granulated sugar and 2 tablespoons cornstarch to prevent clumping. Beat four 8-ounce blocks of room-temperature cream cheese with the sugar mixture on low until completely smooth, scraping the bowl. Whisk 4 large eggs in a small bowl, then add them gradually while mixing on low. Fold in 2/3 cup full-fat sour cream, 1/2 cup of the cooled caramel, and 1 teaspoon vanilla until just combined. Avoid overbeating to reduce air bubbles. Bake the Cheesecake: Pour the filling into the cooled shortbread crust. Bake at 300 F for 20 minutes. Without opening the oven, lower the temperature to 225 F and continue baking for about 2 hours until the center is just set but still slightly jiggly. Turn the oven off and let the cheesecake rest inside for 1 hour with the door closed. Cool and Chill: Remove from the oven and let cool to room temperature on a wire rack, about 2 to 3 hours. Wrap and refrigerate for at least 3 to 4 hours or preferably overnight to allow the filling to stabilize before topping. Make the Ganache: Heat 1/2 cup heavy cream until just bubbling and pour over 2/3 cup dark chocolate chips in a heatproof bowl. Let sit for 1 minute, then stir until smooth. Add 2 tablespoons unsalted butter, 1 tablespoon light corn syrup, and 1/4 teaspoon fine salt. Cover and cool to room temperature so it thickens enough to spread without sinking through the caramel. Assemble and Serve: Release the chilled cheesecake from the pan. Pour the room-temperature caramel over the top and spread evenly. Chill 10 minutes to firm, then spread the ganache. Sprinkle flakey sea salt if desired. Use a warm, dry knife to cut slices, wiping the blade between cuts for clean edges.

Storage Tips

Keep the cheesecake chilled in an airtight container in the refrigerator for up to one week. If you need to freeze, first chill until the cake is firm, remove from the pan, and wrap tightly in plastic wrap and aluminum foil. Freeze for up to three months. To thaw, place in the refrigerator overnight and add caramel and ganache only once softened to room temperature. Avoid leaving slices at room temperature more than two hours to maintain food safety and texture.

Ingredient Substitutions

To make a gluten-free version, swap the shortbread crust for a gluten-free cookie base or almond flour shortbread. For a dairy-free variation, use dairy-free cream cheeses and coconut cream for ganache but note the texture and flavor will change. Swap dark chocolate for milk chocolate if you prefer a sweeter top, using 2 cups of milk-chocolate chips for proper ganache thickness. Corn syrup can be replaced with an equal amount of golden syrup or light maple syrup in a pinch.

Serving Suggestions

Serve thin slices with a dollop of whipped cream or a spoonful of lightly macerated berries to cut through the richness. For a dramatic presentation, add toasted pecans or a drizzle of extra warm caramel. This holds well on a dessert buffet and pairs beautifully with strong coffee or a tawny port for an adult dessert course.

Cultural Background

The layered decadence calls to mind British millionaire shortbread, which combines shortbread, caramel, and chocolate. This version borrows that concept and elevates it by incorporating a baked cream cheese layer found in American cheesecake traditions. The result is a transatlantic mash-up that takes the comforting familiarity of shortbread and caramel and pairs it with the creamy density of a classic New York–style filling.

Seasonal Adaptations

In winter, use dark chocolate ganache and sprinkle toasted pecans and a dusting of cinnamon for holiday warmth. In summer, top slices with fresh berries and omit the sprinkle of sea salt for a lighter finish. For autumn, fold a teaspoon of pumpkin pie spice into the crust or filling for a seasonal twist.

Meal Prep Tips

Make the caramel and crust a day ahead to save time. Store the caramel at room temperature covered for a day or in the refrigerator for up to a week; rewarm gently to spread. Bake the cheesecake earlier in the day and chill overnight before finishing with caramel and ganache the next day. This staging makes party-day prep simple and stress-free.

This cheesecake is a labor of love that rewards patience. Follow the steps, keep ingredients at room temperature, and allow proper chilling to get clean, elegant slices. Enjoy sharing it with friends and family, and feel free to make it your own.