Millionaire’s cupcakes

An updated version of this recipe can be found here

Millionaire's cupcakes on a rack

I’ve had a busy week of baking in the ramp up to Christmas. At the weekend it was mandatory to make sausage rolls, because actually no Christmas tree decoration is complete without it (and of course, your choice of alcoholic beverage). We bought a tree and discovered that whilst it was perfect height-wise, width-wise it takes up about ¼ of our living room! Plus the new baubles we bought took twice as long to attach the strings to as it did to hang them on the tree! Still, I enjoy the process and spending time with Mr Lay the table. And of course, eating the sausage rolls!

I also made these millionaire’s cupcakes at the weekend – I got the idea after making one of my colleagues millionaire’s shortbread. It was the first time I’d ever made it to be honest! There were complaints from Mr LTT that that was his favourite thing and why did I never make it for him? I swear he says this about everything I bake that’s not for him…Over the past few months I’ve been lacking in cupcake ideas, feeling a little more melancholy every time I see someone else’s blog with these amazing looking cupcakes on and feeling the green-eyed monster inside of me stir. I will not be jealous, I will just try harder next time.

So this is the frui of my labout and they’re not too hard, I think the drizzle of dark chocolate at the end really finishes the cupcakes off. Warning: extreme sugar rush!

First we make our cupcake base…

Cupcake batter mix

Once they’re baked and cooled, we’re going to cut a bit out, like a butterfly cake, except you can eat the bit we cut off because we’re not going to use it.

Now we’re going to make our caramel, it’s really easy! It’s just sugar, butter and condensed milk. Be sure to keep stirring, I recommend a rubber spatula as you can wipe around the edge of the saucepan much more easily (that’s where it’s more likely to burn).

Now spoon in enough caramel to fill our cupcake hole, then leave to cool.

Millionaire's cupcake caramel in hole

Finally, we make some chocolate buttercream and pipe a swirl on top! Then drizzle a bit of dark chocolate on top of the buttercream if you like.

Millionaire's cupcake

{Makes 12 cupcakes}

60mins – Prep time: 40 mins – Cooking time: 20mins


For the cupcake

  • 115g self raising flour
  • 115g unsalted butter (room temperature)
  • 115g caster sugar
  • 2 eggs
  • 1tsp vanilla bean paste
  • ½tsp baking powder

For the caramel

  • 1 tin condensed milk 397g
  • 100g unsalted butter
  • 100g soft brown sugar

For the chocolate buttercream

  • 100g milk chocolate (I used patissier’s chocolate)
  • 150g unsalted butter
  • 300g icing sugar
  • 2tbsp milk

To decorate

  • About 8 squares of dark chocolate


Oven temp: 160°C/320°F

  1. Lay out cupcake cases in a muffin bun tin. Sieve the flour with the baking powder in a bowl.
  2. Whisk the eggs and sugar for at least 4 minutes in a mixer with the vanilla essence.
  3. In a separate bowl I like the beat the butter to make it fluffy and pale using a hand mixer (but if you’re lucky enough to have a spare bowl for your stand mixer…)
  4. In two goes, add in the flour and bits of butter, whisking the mixture each time to ensure a smooth texture, until fully mixed.
  5. Spoon the mixture evenly into the cupcake cases and smooth the tops down (it doesn’t have to be perfect!)
  6. Put the cupcakes into the oven for around 15 minutes until they feel spongey and the tops have got some colour.
  7. Once out of the oven, place on a wire cooling rack to cool down, then cut out a hole from each of the cupcakes.
  8. To make the caramel, place all the ingredients in a pan, bring to a slow boil, then turn down to a low heat for 3 minutes. Stir constantly to prevent burning.
  9. Spoon the caramel into the cupcake holes and leave to cool.
  10. To make the buttercream, melt the chocolate in a bowl over a saucepan of boiling water. Once melted, take off the heat and leave to cool a little.
  11. Meanwhile, take 50g on the butter and mix with the icing sugar for a minute or so until distributed. Add the chocolate and mix well. Finally add the remaining butter and milk and mix on a medium/high speed setting until creamy and smooth.
  12. Pipe the buttercream onto the cupcakes, then melt the dark chocolate over a saucepan of boiling water. Take a spoon and dip it in the dark chocolate and swing over the over cupcakes to give them a stripy drizzle.


  1. says

    Oh my gosh, those look absoloutly amazing! I love millionaires shortbread, and it’s been on my “to bake” list for ages, but these cupcakes just might take priority over the original thing! Brilliant idea and I can’t wait to try them!

  2. says

    Oh man, I love baked goods with filling…they’re always extra delicious.  I hate how much extra work it usually is, though. 😀  Also, love the drizzle of chocolate on top of the frosting – very pretty effect!

  3. says

    Great illustration, I really appreciate it. In my opinion updated version is a little better since it contains less caramel but this one is great too.


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