Air Fryer Millionaire Shortbread (Caramel Slice) Recipe

If you love the smooth combination of rich chocolate, creamy caramel, and buttery shortbread, then you’re in for a treat! My air fryer millionaire shortbread is an easy way to prepare this tasty dessert, sometimes also referred to as caramel slice. It may even bring you luck in the New Year!

What is Millionaire’s Shortbread?

Millionaire’s shortbread is a rich, indulgent dessert bar made up of three distinct layers: a buttery shortbread base, a creamy caramel center, and a thick chocolate topping. It is known for its luxurious taste and texture, combining crumbly, gooey, and smooth elements into one treat.

This dessert is perfect for special occasions or as an everyday indulgence! I like to serve it for New Year’s to bring health, wealth, and luck!

I make my millionaire’s shortbread in the air fryer (with some help from the microwave for the chocolate and caramel layers) for a simple preparation!

Why Is It Called Millionaire Shortbread?

The name “millionaire shortbread” comes from the decadent and “rich” ingredients, which elevate classic shortbread to a more luxurious version with caramel and chocolate. The term “millionaire” suggests indulgence and opulence, fitting for a lavish treat!

Is Twix The Same As Millionaire Shortbread?

While Twix and millionaire shortbread share similar components—shortbread, caramel, and chocolate—they are not the same.

Twix is a mass-produced candy bar with a thinner layer of shortbread and a coating of chocolate around the entire bar. Millionaire shortbread is a homemade dessert with distinct layers, typically served in squares or slices.

Ingredients List

• 1 ½ cups all purpose flour
• ¼ cup cornstarch
• ½ cup granulated sugar
• 1 cup butter, softened
• ½ tsp salt

For the Caramel

• ½ cup butter, melted
• ½ cup light corn syrup
• ½ cup light brown sugar
• ½ cup white sugar
• ½ cup sweetened condensed milk
• 1 teaspoon vanilla

For the Chocolate Layer

• 1 ½ cups semisweet chocolate chips
• 2 Tbsp butter (or oil)

How to Make Air Fryer Millionaire Shortbread

1. Line your baking dish with parchment. Leave some overhang so you can use it to pull it free later
2. In a mixing bowl, cream together the 1 cup softened butter and ½ cup granulated sugar

3. Add the flour, cornstarch, and salt, and mix until the dough is crumbly

4. Press the mixture into the bottom of your baking dish in an even layer, then prick it with a fork

5. Place the baking dish in your air fryer, and cook on the air fry setting at 325°F (or the nearest setting you have) for 25-30 minutes, until golden brown. Set aside to cool slightly while you prepare the caramel

6. To make the caramel, melt the butter in a bowl in your microwave

7. Add the corn syrup, white sugar, brown sugar, and sweetened condensed milk, and stir well until the sugar is mostly dissolved

8. Cook on high for 3 minutes, then stir well. Cook for an additional 3 minutes, or until it reaches at least 235°F (this takes 6 minutes in my 1000W microwave). Then, stir in the vanilla
9. Pour caramel over the shortbread base, smoothing evenly, then allow to cool and set (about an hour in the fridge)

10. To make the chocolate topping, add the semisweet chocolate and 2 Tbsp butter to a microwave safe bowl

11. Cook on high for 1 minute, then stir, and cook in additional 30-second increments as needed until fully melted and smooth (1 minute 30 seconds total was perfect for me)

12. Pour chocolate over the caramel and smooth evenly

13. Refrigerate again until fully set (at least an hour, but you can see mine was still slightly soft so I’d recommend 2 hours if you have the time)
14. Remove from the pan, cut into squares or slices (I prefer slices when making it in a loaf pan) as desired, and enjoy!

Alternate Stove Top Directions For Caramel

1. Heat all caramel ingredients in a saucepan over medium heat, stirring constantly until the sugar is melted (usually about 4-5 minutes)
2. Bring it to a low boil, and continue to boil for 5-6 minutes until it becomes thicker and slightly darker in color
3. Continue with the rest of the recipe as normal

Recipe Pro Tips For the Best Caramel Slice

• If the caramel is not setting, it may not have been cooked long enough to reach the proper consistency. Ensure you cook it until it thickens and achieves a golden color, usually around 230°F–240°F (soft-ball stage) on a candy thermometer. Using too much liquid or not allowing the caramel to cool completely before adding the chocolate layer can also prevent it from setting properly
• To prevent the chocolate layer from cracking when cutting your millionaire shortbread, allow it to set but not harden completely before cutting. Use a sharp knife warmed in hot water, then dry it before slicing. Gently score the chocolate layer first, then press down to cut through the layers evenly

Storage Tips

• Store millionaire’s shortbread in an airtight container at room temperature for up to 1 week, or in the refrigerator if you prefer a firmer texture. Avoid leaving it in a warm environment, as the caramel and chocolate layers may soften or melt
• For longer term storage, you can also freeze millionaire shortbread. Cut it into pieces, wrap each slice tightly in plastic wrap, and place them in an airtight container. Thaw at room temperature when ready to enjoy!

• Caramel Apple Fudge

Final Thoughts

No matter what name you call it by, this air fryer millionaire shortbread (caramel slice) is a delicious and decadent dessert option. The air fryer is a great option when you don’t have an oven (or want to leave it open for other items) and perfect for a smaller batch!

This chocolate caramel shortbread is honestly delicious year-round, but I like to serve it for New Year’s in particular. After all, what’s not to love about a shortbread crust, creamy caramel filling, and decadent, rich chocolate topping?

Of course, you can also make just the cookie itself (which is perfect for Christmas). Check out my Air Fryer Shortbread Recipe for all the details!