I found the human faces suggest a mix of Caucasian, Asian and negro. With just over half-a-dozen basic starting faces, that's not bad for a diverse ethnic mix. You're never going to represent all ethnic backgrounds with so limited a selection, and I am not exactly enthralled by the faces on offer (I usually go for 'least-worst' looking), but hats off to Larian for what they have produced.
I haven't, I should say, looked at the elves. Elves are superficial and narcissistic enough, without them having my attention.