I want to live a lavish life.

Literal

Luxurious [attributive-な] living [object-を] want-to-do.

A straightforward statement of desire. 贅沢な暮らし ('luxurious lifestyle') pairs the na-adjective form 贅沢な with 暮らし ('living, life, everyday existence'). ~したい is the desiderative form of する, expressing first-person desire to do something.