I have created 50 esteemed elders over my game, now i have at least 10 people who are masters in 3 different things and are NOT elders? Is there a 50 limit on elders? If so why am i not number 1 in rank then? If not, why aren't my people becoming elders any more?

The game stops counting above 50 Elders. But there is a certain even that can bump it up to 51 Elders.

Yes, 50 is the limit. I still keep training my villagers until they have mastered 3 skills and them dress them according to elder status so I can see quickly that they are "elders".