I believe that, strictly speaking, this well known portion of God's Word most likely is not a parable but an actual event! It does not have the common preface of a parable: "Another parable put he forth unto them, saying . . . . ," or "For the kingdom of heaven is as . . . . "
However, not every parable had such an introduction as this. The last parable that we studied, the sheep and the goats, was not identified as a parable but it undoubtedly was. Indeed, this chapter starts off with very similar words to those at the beginning of our study today, verse 1. So we cannot be dogmatic, nevertheless, I am inclined to believe that this is an account of actual events known to the Saviour.
This passage in Luke speaks of that which is literal and is not figurative! That is important for us to remember. The passage opens: "There was a certain rich man . . . " Since it's commonly considered one of the parables of the Saviour we will include in our study of the parables.
What vital truths it teaches us and that most vividly!
The context in which this narrative appears is set for us in the opening verses of the chapter. The Saviour is speaking of the deceitful and treacherous nature of riches.