Persistent racial disparities in dementia raise concerns regarding the validity and generalizability of existing prognostic models across diverse populations. We evaluated the utility of the 2024 Lancet Commission risk factors and resting heart rate (RHR) for race-specific dementia risk prediction using data from 55,004 participants in the National Alzheimer's Coordinating Center cohort. Cox proportional hazards and Random Survival Forest (RSF) models were developed separately for Black, White, Asian, and American Indian participants to predict 1-, 3-, and 5-year time to dementia. RSF consistently outperformed Cox models across all racial groups and prediction horizons, achieving 5-year AUCs of 0.88-0.91 compared with 0.69-0.81 for Cox models. Inclusion of RHR modestly and consistently improved predictive performance across racial groups. Predictor importance varied between racial groups, suggesting heterogeneity in dementia risk profiles and disease presentation. These findings support the potential utility of RHR as a complementary prognostic biomarker and highlight the importance of equitable, personalized dementia risk prediction across diverse populations.