No Bake Millionaire Shortbread


5 from 108 votes
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Millionaire shortbread, also known as caramel shortbread, is one of the most delicious desserts in the world! Made with a dairy free caramel, it’s secretly healthy and low in carbs! 

No Bake Millionaire's Shortbread

Three layers of deliciousness are combined to form this classic Millionaire’s shortbread. Made with healthy and wholesome ingredients, it’s the perfect keto and vegan dessert recipe made in minutes- No baking required and without condensed milk!

What is Millionaire’s Shortbread

Often referred to as caramel shortbread or millionaire’s slice, Millionaire’s bars are a popular dessert consisting of 3 layers.

The first layer is a shortbread base, the second (middle) layer is gooey caramel and the final layer is, of course, chocolate! 

Where does Millionaire Shortbread come from?

Depending on where in the world you are and what you call it, Millionaire Shortbread can come from various sources. 

America, The United Kingdom, Australia, and Ireland have all claimed to be the first who developed this delicious recipe.

Why make this Millionaire Bars

Now, this isn’t your traditional Millionaire’s shortbread recipe. 

Traditional caramel shortbread bars usually involved a baked shortbread crust, and well..not the healthiest of ingredients. It uses butter, white flour, multiple forms of sugar (white, brown, AND corn syrup!) and any kind of chocolate.

My version is quite the opposite. 

It’s made with healthy, low carb and keto-approved ingredients. There is no added sugar, and can easily be made sugar free. It’s also paleo, vegan and gluten-free, but you’d never tell. It’s also no bake- You don’t need to bake the shortbread base or caramel at all!

Taste-wise, it is rich, sweet and loaded with different flavors. You get the buttery notes from the shortbread base (without butter!), the sweet caramel from the center part and then hit with a load of chocolate, from the final topping. When combined, it is insanely delicious.

Texture-wise, the shortbread is thick and crumbly, the caramel is thick and gooey and the chocolate is well…chocolate!

Caramel Shortbread Bars

How to make Millionaire bars

Even though there are three layers, this recipe is quick, easy, and comes together super quickly! 

The Ingredients

Shortbread base-

  • Almond Flour- A grain free and low carb flour that does not need to be baked. I used blanched almond flour, as it is lighter in color and has a light flavor. 
  • Coconut Flour– Like almond flour, it is high fiber and low carb. When combined with almond flour, it helps leaven the shortbread base. Do not substitute or omit. 
  • Coconut Oil– Coconut oil replaces any need for the butter. It helps provide the buttery texture. Be sure to use refined coconut oil, to ensure it has no coconut flavor!
  • Sugar Free Maple Syrup– Helps provide a dash of sweetness, and also helps hold the shortbread together. 

Caramel filling-

  • Homemade Caramel- Vegan caramel is made from coconut condensed milk. If you’d like a keto caramel, combine equal parts coconut oil, keto maple syrup, and almond butter to a microwave-safe bowl. Heat until warm, and then whisk together.

Chocolate Icing/Topping-

  • Sugar Free chocolate chips– Any sugar free chocolate will work, even baking chocolate.
  • Coconut oil– Holds the chocolate easier, and also makes it MUCH easier to cut (see notes below!)

The Instructions

Step 1- Prepare the shortbread base. In a large mixing bowl, add your coconut flour and almond flour and mix well. Add your coconut oil and syrup and mix very well, until combined. Transfer the shortbread base into a lined pan and spread out evenly. Place it in the freezer to firm up.

Step 2- Prepare the caramel filling. While the shortbread base is firming up, prepare your caramel.

Alternatively, you can make a keto version here. Over stovetop (in a saucepan) or in a microwave-safe bowl, add all your caramel ingredients. Heat on medium (or on half power in the microwave) until the coconut oil has melted. Whisk very well, until smooth and glossy. Remove the shortbread base and pour the caramel over it. Place back in the freezer. 

Step 3- Add the chocolate. Finally, melt your chocolate chips with coconut oil. Remove the pan from the freezer and add the chocolate on top of it, spreading it out all over the caramel. Place in the fridge to firm up, 

Slice 4- Slice and enjoy! Remove the chilled Millionaire Shortbread Bars from the fridge and slice into pieces. 

Millionaire Shortbread Bars

Frequently Asked Questions about Millionaire Bars

How to cut Millionaire Shortbread

Now, cutting bars, especially no bake bars, can be difficult to slice perfectly. Often, you’ll find the caramel splits through the chocolate. 

My method of slicing the bars ensures the bars, for the most part, remain intact and without cracking. 

Start by removing the caramel shortbread from the fridge and let sit at room temperature for 30 minutes. After 30 minutes, slightly wet a knife, and dry it using a kitchen towel. Slice the bars carefully in 3 equal pieces. Slice through each piece twice, until 9 bars remain then slice once more. 

TIP: Be sure to cut them carefully, to ensure the chocolate doesn’t break apart and the caramel remains intact. 

How many calories in Millionaire Shortbread?

This healthier version of a Millionaire’s Shortbread bars contains 287 calories, per large piece.

There have 0 grams of sugar and contain just 4 grams of net carbs

Can I substitute the almond butter and/or sugar-free syrup?

You can replace the almond butter with one of the following- peanut butter, cashew butter, sunflower seed butter, or tahini. 

If you don’t follow a strict ketogenic diet, you can substitute the sugar free syrup (monk fruit sweetened!) with either maple syrup, agave nectar or manuka Honey (not vegan). 

Do NOT use sugar free maple syrup (e.g. pancake syrup or the generic store brands). It will not work well with it. 

Storing and Freezing Tips

  • To store: Place the bars on a plate and cover in plastic wrap. Alternatively, you can store them in a sealable container. These shortbread bars will keep fresh refrigerated for 2 weeks.
  • To freeze: after they have been sliced, wrap them in parchment paper and place them in a ziplock bag. Frozen caramel shortbread bars will keep well for up to 6 months.
  • To thaw-  allow millionaire bars to sit at room temperature or in the refrigerator overnight. 

Millionaire Shortbread Squares

More delicious keto dessert recipes

No Bake Caramel Slice

No Bake Millionaire Shortbread (Keto, Vegan)

5 from 108 votes
Easy no bake Millionaire's Shortbread made with healthy and wholesome ingredients! Buttery shortbread base, gooey caramel and all topped in chocolate- It's keto, vegan, paleo, low carb and sugar free!
Servings: 18 Bars
Prep: 10 minutes
Cook: 10 minutes


For the shortbread base

for the gooey caramel

For the chocolate topping


  • Line a square pan with parchment paper.
  • In a large mixing bowl, add your coconut flour and almond flour and mix well. Add your melted coconut oil and sugar free syrup. Mix well, until combined. Transfer the batter into the lined pan and spread out evenly. Place in the freezer.
  • Prepare your caramel. If you make the keto option, heat up your coconut oil, sugar free syrup, and almond butter until the coconut oil has melted. Whisk together very well, until thick and glossy. Remove the shortbread from the freezer and pour the caramel over it. Place back in the freezer.
  • Melt your chocolate with the coconut oil. Once melted, let sit for several minutes, before pouring over the top of the caramel layer. Spread out evenly, before refrigerating until the chocolate has firmed up.
  • Slice into bars and enjoy.


* I used a monk fruit sweetened maple syrup. Traditional sugar free maple syrup will NOT work. 
** For a keto caramel, heat up 1 cup almond butter, 1 cup keto maple syrup, and 1 cup coconut oil, until warm. Whisk together. 
** Use 2 cups for a thick chocolate layer. 
TO STORE: Place the bars on a plate and cover in plastic wrap. Alternatively, you can store them in a sealable container. These shortbread bars will keep fresh refrigerated for 2 weeks.
TO FREEZE: After they have been sliced, wrap them in parchment paper and place them in a ziplock bag. Frozen caramel shortbread bars will keep well for up to 6 months.


Serving: 1BarCalories: 247kcalCarbohydrates: 10gProtein: 6gFat: 19gSodium: 35mgPotassium: 104mgFiber: 6gCalcium: 76mgIron: 1mgNET CARBS: 4g
Course: Dessert
Cuisine: American
Author: Arman
Tried this recipe?Give us a shout at @thebigmansworld or tag #thebigmansworld!

Disclosure: This post may contain affiliate links. I may earn a small commission for my endorsement, recommendation, testimonial, and/or link to any products or services from this website.

Arman Liew

I’m a two time cookbook author, photographer, and writer, and passionate about creating easy and healthier recipes. I believe you don’t need to be experienced in the kitchen to make good food using simple ingredients that most importantly, taste delicious.

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Recipe Rating


  1. My “caramel” layer looked nothing like this. It just looks like a layer of almond butter. There’s no gooey texture like caramel. I used the exact same syrup but a diff brand creamy almond butter. 🤷🏽‍♀️ Still tastes good but doesn’t have that caramel look or flavor I was hoping for.

  2. These are AMAZING!! I only had peanut butter so used that instead for the caramel layer. Plus for the chocolate I just mixed my chocolate protein powder with almond milk. They were seriously good. Will be making a LOT in the future!! Thanks so much 🙂

  3. I was really looking forward to doing this recipe and for some reason the caramel layer was watery and clumps is oil sitting on top after whisking well and being in the freezer ☹️ Where did I go wrong? Any suggestions as would like to give it another go

  4. Recipe refers to the oven in step 3 – “Remove the shortbread from the oven and pour the caramel over it.” I assume this is a typo and means freezer?