Not only them, but others too. For example, the King of the Nazgul was also the King of the Witch Land of Angmar. A man, powerful sorcerer, that when he had a ring of men, his power increased.
And of course, the elves had magic, but a different kind. Such as Galadriel, etc. I think most of their magic came from their wisdom and fairness.
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"In place of a Dark Lord you will have a Queen! Not dark but beatiful and terrible as the Dawn! Treacherous as the sea! Stronger than the foundations of the Earth! All shall love me and despair!"
--- Galadriel when tempted by the One Ring.
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