Begin by gathering all your ingredients and tools. Soften the cream cheese by leaving it at room temperature for about 30 minutes.

Thinly slice the yellow onions to about 1/8 inch thick to ensure even cooking.

Chop the fresh chives for garnish, setting them aside for later.

In a large skillet, combine 1 tablespoon of unsalted butter and 1 tablespoon of olive oil over medium heat. Once the butter is melted and sizzling, add the sliced onions.

Sauté the onions for about 5 minutes until they soften and become translucent.

Sprinkle a teaspoon of sugar over the softened onions, then reduce the heat to medium-low. Continue cooking for 40-60 minutes, stirring every 10 minutes, until a deep golden brown.

Once caramelized, remove from heat and let cool for about 10 minutes.

Chop the caramelized onions into smaller pieces to incorporate into the dip.

In a large mixing bowl, combine the softened cream cheese, sour cream, and mayonnaise. Beat until smooth.

Mix in garlic powder and Worcestershire sauce. Fold in the chopped onions and chives.

Transfer the dip to a serving bowl and garnish with additional chives if desired.

Serve immediately or chill for 20 minutes before serving.