The 22-year-old has been a regular with the England Sevens team over the last two years and has excelled in the Zurich Premiership this season, setting up some fine tries and bagging one himself during Sarries' win over NEC Harlequins on Sunday.
But his most notable moment of the early season came during the club's draw with Leicester Tigers when he set off on a mazy 60-metre run from his own 22 that split the defence in half and allowed Morgan Williams to touch down beneath the posts.
"I'm delighted to have agreed an extension and pleased to have done it so early on in the season," said Haughton.
"I've been at the club for six years now and had no intention of going anywhere else. I've been fairly pleased with my form of late and want to continue my development at the club.
"By letting me play Sevens over the last season or so I've been able to gain confidence and build my reputation as everyone's aim is to play for their country and mine is no different.
"Obviously I would love to help the club to win some silverware during my career but at the moment it's a question of developing as a team, winning some games and getting some consistency in our performances. If we do all that then we will have a fair chance of achieving some other goals."
Richard's new contract means that Saracens coach Rod Kafer can safely continue his development plans into the season's ahead.
"Richard has had a good start to the season and he's developing well as a player," said Kafer.
"We're pleased to have been able to extend his contract as he has a lot of potential and is always looking to improve.
"If he keeps on improving in the way he has been, he'll certainly be challenging for international honours with England as he is probably one of the best finishers in the game at the moment."